Capacite Infra remains in red

Capacite Infraprojects had hit a new LC yesterday at Rs.179.05 and today too, its downward journey continued. With volumes jumping up 21 times, the stock price hit a new low today at Rs.156, going down over 15.5%.

The company is the biggest vendor for Oberoi Realty and there is news about both of these companies facing an Income Tax search for suspicious transactions, including alleged purchase from dubious entities, receipt of ‘on-money’ and price manipulation and cash deposits during demonetization scheme.

Sources said searches were carried out at over 30 locations in Mumbai, Delhi and Hyderabad by I-T sleuths. 

The stock exchanges have sought clarification from Oberoi and Capacite yesterday and till date, there has been no response from both.