Mumbai, Feb 22 (IANS) The income tax department Thursday carried out massive raids on the premises of major service providers, professionals, advertising agencies and builders as part of a countrywide drive.

The raids are causing ripples in the Bombay Stock Exchange, sources said, even as an income tax official said no raids had been conducted on share brokers in the city.

"Raids are being carried out at premises owned or operated by doctors, advertising agencies, interior decorators, builders and other professionals and service providers in the city," said a senior official in the Mumbai circle of the income tax department.

"We are not in a position to give any details at the moment. An announcement would be made later in the day," the official told IANS.