Wednesday morning brought a jolt to Bollywood’s biggest upcoming project. The Income Tax Department swept into multiple premises in Mumbai, seizing documents from Prime Focus Limited, the visual effects giant helmed by producer Namit Malhotra. Inspectors also hit the offices of the company’s financial advisers and chartered accountants. The focus? Alleged irregularities in foreign remittances and overseas fund transfers.
It’s a messy time for Malhotra. His directorial debut, Ramayana, is slated to release in two parts, with the first installment hitting theaters on November 5. The film stars Ranbir Kapoor as Lord Rama, Sai Pallavi as Sita, and Yash as Ravana. Industry chatter pegs the budget at a staggering ₹4,000 crore, which would place it among the most expensive Indian films ever made.
The market reacted instantly. Prime Focus shares dipped by roughly 8% during trading hours following the news of the searches. For a company whose valuation has been partly driven by the anticipation of this massive cinematic undertaking, such a drop signals serious investor anxiety.
Neither the tax authorities nor Prime Focus have issued an official statement confirming the scale or outcome of the investigation. As of now, these are search operations, not a final verdict. But in the world of high-stakes film financing, even the shadow of a tax probe can derail funding and production timelines.
All eyes are now on whether this investigation will impact the post-production schedule or the marketing push for the November release. With Ranbir Kapoor’s star power and a massive budget on the line, any delay or financial hiccup could ripple through the entire project.