Indiabulls group companies' shares down up to 10% on income tax raids
Income tax officials conducted raids on the New Delhi and Mumbai offices of Indiabulls group companies on Wednesday.
The shares of four companies under the Indiabulls banner have slumped up to 10% on Wednesday after Income Tax officials conducted raids on its offices in Mumbai and New Delhi.
The shares of Indiabulls Ventures Limited, Indiabulls Real Estate Limited, Indiabulls Housing Finance Limited, and Indiabulls Wholesale Services Limited, all slumped on the BSE after the news of the raids spread.
Income Tax officials raided the premises of the company under the leadership of the Directorate of Income Tax investigation unit in Mumbai.
The raids were conducted at the Mumbai and New Delhi offices of Indiabulls Housing Finance, Indiabulls Ventures, and Indiabulls Real Estate.
"During the investigation the tax department found some crucial papers, which provide various leads to trace unaccounted money," a source said.
On the news, the shares of Indiabulls Real Estate Ltd slumped 9.09% to Rs 87 per piece, down Rs 8.70; Indiabulls Housing Finance's shares were trading down 6.22% at Rs 677.10 per share; Indiabulls Ventures limited down 9.93% at Rs 30.85 and Indiabulls Wholesale Services down 4.89% at Rs 28.20 per share.
On the NSE, the aforementioned companies slumped 9.28%, 6.22%, 9.93%, and 4.86%, respectively.
More details about the raids are yet to be revealed.