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The Income-Tax Department today conducted simultaneous searches at the offices of city-based IVRCL Ltd in different parts of the country.
Though the reason for searches could not be ascertained immediately, an official source, who confirmed the searches, said the raids will continue tomorrow as well.
Searches are going on in Hyderabad, the headquarters of the infrastructure major, Bangalore, Kochi, Chennai, Mumbai and Lucknow, the source added.
The company had come under the I-T Department’s scanner earlier in 2009-10 when the searches were carried out at its Ranchi office.
“We cannot comment on anything at this moment,” a senior official of the I-T Department said.
Queries sent to IVRCL officials remain unanswered.
The company shares closed at Rs 66.90 today on the Bombay Stock exchange, down 3.11 per cent over the previous close.
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