New Delhi: The share value of construction company Ashoka Buildcon increased by up to 10 per cent to Rs.161.80 on Monday after no incriminating documents were found during the income tax raid at its office.
Ashoka Buildcon, in a statement to the Bombay Stock Exchange (BSE) on Monday, said that the ‘proceedings (tax raid) have not impacted any routine operations and working of the company and as far as the company and officials are concerned, no incriminating documents have been found.’
The company has been under huge selling pressure since last month, when the company was linked to Maharashtra politician Chhagan Bhujbal, who is in jail on alleged corruption charges. The company has denied links to Bhujbal, who was a former Public Works Department (PWD) minister in Maharashtra.
Ashoka Buildcon is one of the largest highway developers in the country with a portfolio of over 28 Public Private Partnership (PPP) projects across nine states. The company also operates in the power transmission and distribution sector.