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Shares of Uflex India tumbled 15 per cent to Rs 366 on the BSE in Monday’s intra-day commerce, extending its previous four-day decline, amid experiences of Revenue Tax raid on the firm’s numerous workplace places. Prior to now one week, the inventory has tanked 25 per cent, as in comparison with lower than 1 per cent decline within the S&P BSE Sensex. It was quoting at its lowest degree since Might 2021.
The Exchanges sought clarification from Uflex on February 21, 2023, with regards to information experiences stating Revenue Tax division had raided Uflex Ltd’s workplaces throughout numerous cities. The corporate is but to submit a response.
In the meantime, the raids performed by the Revenue Tax Division at greater than 70 places of Uflex firm continued for the fourth day on Friday, nes company IANS reported.
“Bogus transactions price Rs 500 crore have been detected. Two of the corporate’s premises situated in Noida (Uttar Pradesh), and Delhi’s Shahdara have been sealed. Raids have been accomplished at 15 locations outdoors Noida and search has been prolonged at 10 places in NCR. Search is underway at 66 places, together with NCR,” the report mentioned.
Ten shell corporations and paperwork revealing suspicious transactions have additionally been discovered. The officers consider that the determine of bogus transactions can go as much as Rs 500 crore, the report added. CLICK HERE FOR FULL REPORT
Uflex is India’s largest multinational versatile packaging and options firm. Uflex has created a presence throughout all verticals of the packaging worth chain – Versatile Packaging, Packaging Movies, Aseptic Liquid Packaging, Holography, Printing Cylinders, Engineering, and Chemical substances.
Within the October-December quarter (Q3FY23), the corporate reported Rs 85 crore loss after tax which was largely as a consequence of a lack of Rs 84 crore on account of forex devaluation by Egypt. In Q3FY22, Uflex recorded a revenue after tax of Rs 314 crore. In the course of the third quarter, notional international change losses as a consequence of forex devaluation/fluctuations aggregated to Rs 236 crore, which is unprecedented, the corporate mentioned.
This quarter witnessed forex devaluation for the second time within the calendar 12 months 2022 by Egypt and a rise in rates of interest emanating from aggressive US Fed insurance policies, resulting in cross-currency fluctuations that impacted the financials considerably. This magnitude of losses from forex devaluation/fluctuations, though notional, is unprecedented and has not been seen within the final a few years, Rajesh Bhatia, Group CFO, Uflex mentioned.
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