Ashoka Buildcon Drops Over 4% After GST Search Notice

Shares of

tanked 4.14% to ₹208.62 on June 12, sliding from the previous close of ₹217.63, after the company disclosed a Search & Seizure operation by the GST Department at its Nashik office on June 11. This move shaved off nearly ₹340 crore in market cap, bringing it down to ₹5,851 crore during the afternoon session. The notice, served under Section 67 of the MGST Act, 2017, is currently under investigation by the Assistant Commissioner of State Tax, Mumbai. Ashoka Buildcon clarified that its day-to-day operations remain unaffected and the financial or operational impact of the notice cannot be determined at this stage. As a key player in infrastructure through EPC, BOT, and RMC businesses, any prolonged regulatory scrutiny could create temporary sentiment overhang, though fundamentals remain unchanged in the near term. Follow me for more such posts, Thank You! Disclaimer: This post is for informational purposes only and not a recommendation to buy or sell any securities. I, or my family, associates, or relatives, may have a financial interest in the securities mentioned.