(Reuters) -India’s Income Tax (IT) department initiated searches at real estate development firm Kalpataru Projects International’s premises and residences of some of its directors and executives, the company said on Friday. Shares of Kalpataru Projects, which is a part of Kalpataru Group, fell as much as 9% after CNBC-TV18 first reported that the IT department conducted searches at company’s premises in Rajasthan and Mumbai, citing sources.
Kalpataru said it has limited information about the impact on financial and other activities of the search that began on Friday morning.
However, the company’s business operations continues as usual, it added in an exchange filing.
Shares of Kalpataru Projects ended 3.9% lower on Friday.
(Reporting by Ashna Teresa Britto and Dimpal Gulwani; Editing by Sonia Cheema and Shailesh Kuber)