Oberoi Realty shares on Thursday tumbled nearly 6 per cent owing to the ongoing search and seizure operations by the Income Tax authorities at the company.
At 2.40 p.m., the company's shares were trading at Rs 482.15 apiece, down 5.95 per cent.
The company in a clarification to the exchanges said that the Income Tax (I-T) authorities have initiated search and seizure operations at the company premises from August 20.
"The I-T activity is currently ongoing and we have not received any communication from the Income Tax authorities regarding the aim or intent of the IT activity," the company said.
Vikas Ranvir Oberoi with 58.55 per cent share is the promoter of the company with highest holding in the firm. Oppenheimer Developing Markets Fund with 4.16 per cent is the highest public shareholder in Oberoi Realty.
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