Shares of Indiabulls Group companies slumped on Wednesday following media reports about country-wide income tax raids on their offices. Indiabulls Group has interests in real estate development, financial services and lending.
DNA newspaper, citing sources, said that raids are being conducted at Mumbai and Delhi offices of Indiabulls Housing Finance, Indiabulls Ventures and Indiabulls Real Estate. Indiabulls Housing Finance is India's second largest private housing finance company.
Following these reports, the Bombay Stock Exchange sought clarification from Indiabulls Group companies about the tax raids.
Responding to BSE, Indiabulls Housing Finance said income tax officials "came to some of our offices to check our books in the normal course."
Shares of Indiabulls Group companies underperformed the broader Sensex, which ended flat today.
Shares of Indiabulls Real Estate and Indiabulls Housing Finance ended around 4 per cent lower while Indiabulls Ventures fell nearly 7 per cent.