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Sleuths of the Income Tax Department on Friday conducted searches in the offices of the infrastructure and construction company Madhucon Projects Ltd, and its promoter.
It is learnt that the officials also searched the residence of the Telugu Desam Party (TDP) MP from Khammam and promoter of the construction firm, Mr Nama Nageswara Rao.
Industry sources said that they were of routine nature.
However, IT officials have been initiating searches on infrastructure companies to ascertain if there is any money trail and political linkages after some scams broke out in Jharkhand.
The company shares ended at Rs 88.20 against previous close of Rs 89.05.
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