Oberoi Realty share price falls over 7% after I-T dept conducts search operation

Oberoi Realty share price fell in early trade today after the firm said income tax department has  initiated search and seizure operations at the premises of the company. Oberoi Realty share price has been losing for the last three days and fallen 11.43% in the period.

Oberoi Realty share price hit an intraday low of Rs 476.10, down 7.13% on BSE. Oberoi Realty share price has gained 1.01% during the last one year and gained 7.79% since the beginning of this year.

At 10:28 am, Oberoi Realty share price was trading 5.73% or 29 points lower at Rs 483.30 on BSE.

Oberoi Realty in a statement said, "The IT Activity is a process as set out under the provisions of Income-tax Act, 1961, and the Company is co-operating with and extending all assistance to the authorities in this regard."

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Oberoi Realty Limited is engaged in construction and real estate development, and hospitality. The company's segments include real estate and hospitality.

The company is involved in the development of approximately 40 projects that aggregates over 9.18 million square feet of space. It handles residential, commercial, retail, social infrastructure and hospitality projects.

Its social infrastructure project includes Oberoi International School. Its hospitality project includes The Westin Mumbai Garden City.

Edited by Aseem Thapliyal