India's RKEC Projects falls after IT officials conduct raid

Rkec Projects

09/11/2022 05:54

** Shares of construction and engineering company RKEC
Projects  RKEC.NS  fall as much as 3.2% to 45.5 rupees, their
biggest intraday percentage drop since Nov 1
    ** Co said in a release dated Nov 8 that officials from the
Income Tax Department visited their Visakhapatnam office last
week
    ** Officials also visited the residence of Chairman and
Managing Director Garapati Radhakrishna
    ** Co says inquiry "routine", adds "it continues to be
business as usual"
    ** RKEC stock hits their lowest since Nov 4
    ** About 32,845 shares change hands vs 30-day avg of 43,473
shares
    ** Stock down 31.1% YTD, up to last close
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))