Income tax raid at 'Ramayana' producer Namit Malhotra's office, weeks before the release of the Ranbir Kapoor, Sai Pallavi starrer this Diwali

The Income Tax Department reportedly carried out searches at the Mumbai offices of Prime Focus Ltd, the company headed by ‘Ramayana’ producer Namit Malhotra, on October 7. The development comes less than a month before the release of Nitesh Tiwari’s highly anticipated mythological epic and has brought renewed attention to the company’s financial dealings.According to CNBC-TV18, the searches are reportedly connected to foreign remittances. However, there has been no official disclosure yet about the specific transactions under scrutiny or the broader scope of the Income Tax Department’s action. The development also appeared to have an immediate impact on the company’s stock, with Prime Focus shares reportedly falling around eight per cent during morning trading on October 7.Prime Focus has a significant presence in the global entertainment industry, with its businesses spanning visual effects, animation, post-production and content creation.