Overview
- Waaree confirmed Income Tax Department officials visited certain offices and facilities under the Income Tax Act, 1961, and said it is fully cooperating.
- Media reports say close to 25 teams conducted search-and-seizure actions across Mumbai, Chikhli and Vapi, beginning at the Chikhli gigafactory.
- Reports also note searches at residences linked to Chairman and Managing Director Hitesh Doshi and his brother Kirit Doshi in Vapi.
- Investigators are reportedly scrutinizing financial transactions and expansion-related irregularities, reviewing digital records, documents and asset information.
- The stock fell as much as 6% in Wednesday trade to an intraday low of about Rs 3,085 after Tuesday’s close of Rs 3,281, while Bloomberg-tracked analysts remain mostly positive with an average 12‑month upside near 10%.