Six days of Income Tax (I-T) Department raids on the premises of packaging company Uflex have ended.

During the raids that were conducted at more than 80 sites of the Uflex Group in eight states starting on February 21, tonnes of documents, 120 hard drives, and 50 diaries with information relating to fraudulent transactions were found.

The I-T Department discovered irregularities of around Rs. 1,500 crores during the investigation and collected documents related to fraudulent transactions worth Rs. 1,000 crores.

The authorities also discovered details on more than 60 shell firms operating under the identities of members of eight families from the underprivileged part of society and involved in the transfer of more than Rs 1,000 crore to various accounts.

28 lockers belonging to the Uflex Group and its representatives have been shut by the Department in various cities.

More than Rs 3 crore in cash was recovered by I-T officers throughout the investigation, which involved more than 900 Department employees.

Marketing Position Of Uflex.Ltd

According to sources, the I-T department conducted a search on Uflex’s Noida office on February 21 and discovered financial irregularities of Rs 1,000 crore by the end of the previous week. The firm has not responded to BSE’s request for clarification regarding the report of the raid that appeared on a TV channel on February 21.

Uflex shares fell 12.2% intraday on BSE Wednesday, reaching a new 52-week low of Rs 376.25. The stock has lost 24.31 percent, or Rs. 118.65, over the last five sessions. Yesterday, the shares opened down 2.46% at Rs 418.

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The stock has dropped 34.46% since the start of this year and lost 27.87% in a year. 3.33 crore worth of shares of the company were traded in total for 0.86 lakh transactions on the BSE. The company’s BSE market cap decreased to Rs 2700 crore. On August 26, 2022, the stock reached a 52-week high of Rs 811.05.

Technically speaking, the relative strength index (RSI) of the Uflex stock is 11.7, indicating that the stock is significantly oversold. Uflex’s one-year beta value is 1, which denotes average volatility for the time frame. Uflex shares are trading lower than the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.