Capacite Infraprojects plumbs to all-time low, Oberoi Realty cracks 7% after I-T Dept raids firms' offices

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In the last two months, this is the second time a large builder is under the scanner of the investigation department of Income Tax.




Shares of Capacite Infraprojectsplunged as much as 16 percent to their all-time low at Rs 156, while those of Oberoi Realty cracked 7 percent to hit intraday low of Rs 487.50 in August 21 session.

Shares of both companies suffered losses after the Income Tax Department, on August 20, conducted searches at offices of Oberoi Realty and its vendor Capacite Infraprojects to probe suspicious fund trails in the companies.

Confirming the development, a senior official of I-T Department told Moneycontrol there was suspicion on related party transaction within Oberoi. The department also suspected a difference between the sale price of housing units shown on the books and the registered prices.


Oberoi Realty was under the scanner of Ministry of Corporate Affairs for alleged misuse of the proceeds from its Initial Public Offering (IPO), as against the promised objectives in Draft Red Hearing Prospectus (DRHP).

In the last two months, this is the second time a large builder is under the scanner of the investigation department of Income Tax. Last month, the tax department conducted searches in offices of Hubtown and its joint venture firms.

Around 1115 hours, shares of Capacite Infraprojects were down 4.54 percent at Rs 176.50 on BSE. Shares of Oberoi Realty were down 4.46 percent at Rs 501.50 around the same time.



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