Onion prices fall 35% to Rs 900 per quintal after I-T raids on Nashik traders

Mumbai: The average wholesale onion price was down by 35 percent on Thursday at the Lasalgaon Agriculture Produce Market Committee (APMC), following an I-T raid in premises of seven big onion traders.

The average wholesale onion prices on Thursday came down to Rs 900 per quintal at Lasalgaon as against Rs 1,400 per quintal on Wednesday.

As many as 25 premises of seven major onion traders in Lasalgaon and surrounding areas in Nashik district, one of the largest onion markets in the country, were being raided by the Income Tax department.

A senior IT official from the Pune region said as many as 120 officials from the department's Nashik unit were involved in the ongoing search and survey operation.

The official added that as per the input, the traders had been purchasing onions from the farmers since the prices were plummeting.

He added that the operation would continue for two to three days.

With PTI Inputs