Ashoka Buildcon shares fall on GST dept's search & seizure notice
On the notice, the firm said, "This has not impacted the normal operations of the Company and, at this stage, any financial or other impact cannot be ascertained."
- Jun 12, 2025,
- Updated Jun 12, 2025 3:25 PM IST
Shares of Ashoka Buildcon slipped over 4% on Thursday after the civil construction firm said that the Goods & Service Tax Department, Mumbai, Maharashtra, has served a notice for Search & Seizure operations at the office premises of the company at Nashik on June 11, 2025.
Ashoka Buildcon shares slipped 4.15% to Rs 208.80 against the previous close of Rs 217.85 on BSE. Market cap of the firm fell to Rs 5,854 crore in the afternoon session.
"The company informs that Goods & Service Tax Department, Mumbai, Maharashtra, has served a notice for Search & Seizure operations at the office premises of the Company at Nashik on June 11, 2025. The search is continued. " said Ashoka Buildcon in a communication to bourses.
"This has not impacted the normal operations of the Company and, at this stage, any financial or other impact cannot be ascertained," it added.
Assistant Commissioner of State Tax (D-0213), Investigation –B, Mumbai has served the notice under Section 67 of MGST Act, 2017, said the firm.
Ashoka Buildcon is engaged in the business of construction of infrastructure facilities on Engineering, Procurement and Construction Basis (EPC) and Built, Operate and Transfer (BOT) Basis and Sale of Ready Mix Concrete.
Shares of Ashoka Buildcon slipped over 4% on Thursday after the civil construction firm said that the Goods & Service Tax Department, Mumbai, Maharashtra, has served a notice for Search & Seizure operations at the office premises of the company at Nashik on June 11, 2025.
Ashoka Buildcon shares slipped 4.15% to Rs 208.80 against the previous close of Rs 217.85 on BSE. Market cap of the firm fell to Rs 5,854 crore in the afternoon session.
"The company informs that Goods & Service Tax Department, Mumbai, Maharashtra, has served a notice for Search & Seizure operations at the office premises of the Company at Nashik on June 11, 2025. The search is continued. " said Ashoka Buildcon in a communication to bourses.
"This has not impacted the normal operations of the Company and, at this stage, any financial or other impact cannot be ascertained," it added.
Assistant Commissioner of State Tax (D-0213), Investigation –B, Mumbai has served the notice under Section 67 of MGST Act, 2017, said the firm.
Ashoka Buildcon is engaged in the business of construction of infrastructure facilities on Engineering, Procurement and Construction Basis (EPC) and Built, Operate and Transfer (BOT) Basis and Sale of Ready Mix Concrete.