The Income Tax department searched premises linked to real estate development company Kalpataru Group in multiple cities in Gujarat and Maharashtra on August 4.

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The searches were being conducted in Mumbai, Pune, Karjat and Gujarat.

Kalpataru said it has limited information about the impact on financial and other activities of the search that began on Friday morning.

Following the development, Kalpataru Projects International’s shares were trading more than five percent lower at Rs 593.85 on BSE at 1:18 pm.

Shares of Kalpataru Projects ended 3.9% lower on Friday.

First Published:Aug 4, 2023 1:23 PM IST