Income Tax Deparment raided 15 Zee Entertainment locations across Delhi and Mumbai on Monday.
I-T Department officials are conducting searches at certain locations related to Zee Entertainment. The searches are being conducted for alleged tax evasion data submitted by the Directorate General of GST Intelligence (DGGI) to the tax department. The raids relate to input tax credit data submitted which is being verified by the department in searches at Zee Entertainment's offices across Mumbai and Delhi.
Reacting to the raids, Zee Entertainment Enterprises stock closed the day 2.67 per cent lower at Rs 219.05.
A Zee Entertainment spokesperson said: "The officials from the tax department have visited the offices of the Company, with certain queries. The concerned officials of the Company are providing all the required information and extending complete co-operation."