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Income Tax Department Raids Ramayana Producer Namit Malhotra's Prime Focus Offices
M
Moneycontrol•07-10-2026, 17:57
Income Tax Department Raids Ramayana Producer Namit Malhotra's Prime Focus Offices
- •The Income Tax Department conducted raids at Prime Focus Ltd offices in Mumbai on October 7, reportedly linked to foreign remittances.
- •Prime Focus shares dropped by approximately eight percent during morning trading following the news of the raids.
- •Namit Malhotra has not yet released an official statement regarding the ongoing Income Tax inquiry.
- •Prime Focus is a key player in visual effects and production, contributing to Malhotra's highly anticipated two-part film Ramayana directed by Nitesh Tiwari.
- •Ramayana features an ensemble cast including Ranbir Kapoor, Sai Pallavi, and Yash, with Part 1 scheduled for a Diwali release next year.
Key Questions Answered
The Income Tax Department conducted searches at Prime Focus Ltd offices in Mumbai on Wednesday, October 7, in connection with foreign remittances, though detailed transaction scopes have not been officially disclosed.
The reported Income Tax searches had an immediate impact on stock performance, causing shares of Prime Focus to fall by around eight percent during morning trading on October 7.
Ramayana Part 1 is scheduled to release in theatres on November 8, coinciding with Diwali, while Part 2 is set to release the following year.
