Uflex office in Noida raided by Income Tax officials, shares hit 52-week low

Uflex Noida Raid: The Income Tax department is conducting raids at the Uflex office in Noida, according to a Zee Business channel report. Raids are also underway simultaneously at 64 different locations in Delhi, Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh, West Bengal, Jammu and Kashmir, Haryana, Tamil Nadu, Uttarakhand and Himachal Pradesh.

The company is believed to have issued several bogus bills following which the raids were conducted.

Meanwhile, shares of Uflex declined more than 4 per cent to hit a fresh 52-week low of Rs 466 apiece on the BSE amid reports of the I-T raid at the company's Noida office.

The company had in the October-December quarter reported a total income of Rs 3,496 crore.

Uflex, founded in 1985, is India’s largest multinational flexible packaging and solutions company. Headquartered in Noida, the company has a presence across all verticals of the packaging value chain.

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