Uflex breaks 7-day losing streak, surges 7% as I-T dept concludes raids

According to PTI, fraudulent transactions worth Rs 500 crore have been unearthed, and two premises have been sealed

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Snapping a seven-day losing streak, Uflex shares gained over 7 percent on February 28 as the Income Tax department concluded its raid on the premises of the packaging company.

The raid that began on February 21 hammered the stock by 30 percent in the past seven sessions. After the selloff, the stock is seeing some buying at the two-year low levels, amid heavy volumes.

At 12 pm, the stock was quoting at Rs 379.50 apiece on the NSE, higher by 7.3 percent from the previous close. This is the biggest intraday gain for the stock since March 2022. Trading volumes are over two times the 20-day average volume.

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According to IANS, 120 hard disks and 50 diaries containing information related to bogus transactions were recovered during the raids that were being carried out at more than 80 locations.

The I-T Department has also detected irregularities of over Rs 1,500 crore and seized documents related to bogus transactions worth Rs 1,000 crore, the news agency reported.

Information regarding more than 60 shell companies has been unearthed and more than Rs 3 crore in cash has been seized during the entire operation.

For the December quarter, the firm’s total income only increased by 0.6 percent, while reporting a loss of Rs 85.41 crore. The company attributed the loss to currency devaluation in Egypt, resulting in a loss of Rs 84 crore.

Despite the rebound, the stock is still trading below its key moving averages.