The stocks tanked both in BSE and NSE.
Shares of Indiabulls group companies came under severe selling pressure on Wednesday after the income-tax department conducted multiple searches on the premises of the realty-to-finance group in connection with its probe over the charges of alleged tax evasion.
On BSE, Indiabulls Housing Finance shares dropped to the day's low of Rs 685, before recovering and closing at Rs 714.40 per share, down 3.9%. Indiabulls Real Estate fell over 4% and closed at Rs 91.65. Indiabulls Ventures shed 6.9% to close at Rs 31.90 while Indiabulls Wholesale Services dropped 4.9% to Rs 28.20 per share.
I-T officials told PTI that the searches covered multiple premises of the firm in Mumbai and Delhi after the department received "actionable evidence" to mount the action. They said some instances of "asset transfers" are also under their scanner. They added documents and computer peripherals have been seized by I-T sleuths even as the action is continuing.
Indiabulls Housing Finance Ltd acknowledged the development in a clarification to the BSE. "We would like to state that officials of the I-T department came to some of our offices this morning to check books, in the normal course. We are extending all assistance to the team of officials. We are confident that the officials will find our corporate practices and books satisfactory. At Indiabulls group, we follow the ethical and legal standards of the highest order in all our businesses and have robust institutional measures to monitor as well as implement corporate governance of the highest standards. We are confident that these on the spot check, in the normal course, will vindicate the same,"it said.
It added that there was "no information" that has not been announced to the stock exchanges under the Regulation 30 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015.
(dna operates from tower-3 of Indiabulls Finance Centre at Elphinstone Road)
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