Ashoka Buildcon Slumps on Reports of Income Tax Raids

Shares of road construction company Ashoka Buildcon slumped as much as 20 per cent to hit 52-week low of Rs 135.70 on Wednesday. Press Trust of India, citing sources, said income tax department and enforcement directorate (ED) on Tuesday conducted searches at its office in Nashik. Last month, allegations of corruption were leveled against the company, with reports saying that Ashoka Buildcon had allegedly financed constructions by t...