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Story summary
- India’s Income Tax Department raided Prime Focus Ltd’s Mumbai office and chairman Namit Malhotra’s home on October 7.
- The raids also included Malhotra’s chartered accountant and related individuals’ premises.
- Authorities said the probe targets alleged foreign remittances and possible tax irregularities.
- Prime Focus shares fell about 8 percent in Wednesday trading after the raids were reported.
- The firm derives roughly 92 percent of revenue from overseas, a key foreign-remittance factor.