Uflex shares hit 52-week low; fall for fifth day after I-T raid

Shares of Uflex Ltd fell for the fifth straight session today after reports last week said the Income Tax department conducted raid at the Noida office of packaging company Uflex. On February 21, the I-T department raided Noida office of Uflex and found financial irregularities to the tune of Rs 1,000 crore by the end of last week, reports said. On February 21, BSE asked the firm to clarify on the news of raid appearing on a TV channel to which the firm is yet to reply.

Uflex shares hit a fresh 52 week low of Rs 376.25 today, falling 12.2% intraday on BSE. The stock has slipped 24.31% or Rs 118.65 in the last five sessions. The stock opened with a loss of 2.46% at Rs 418 today.

The stock has lost 27.87% in one year and fallen 34.46% since the beginning of this year. Total 0.86 lakh shares of the firm changed hands amounting to a turnover of Rs 3.33 crore on BSE. Market cap of the firm fell to Rs 2700 crore on BSE. The share hit a 52-week high of Rs 811.05 on August 26, 2022.

In terms of technicals, the relative strength index (RSI) of the Uflex stock stands at 11.7, signaling the stock is strongly oversold. Uflex has a one-year beta of 1, indicating average volatility during the period. Uflex shares are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Uflex is a holding company engaged in the manufacturing and sale of flexible packaging products. The company’s segments include flexible packaging activities and engineering activities. It also offers a flexible packaging solution to its customers across the globe.

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