Indiabulls group’s shares continued to fall for the second day after the Income Tax Department on Wednesday carried out search operations at different offices and premises of the group ( Source: PTI)
Indiabulls group’s shares continued to fall for the second day after the Income Tax Department on Wednesday carried out search operations at different offices and premises of the group in New Delhi, Chennai and Mumbai for alleged tax evasion to the tune of about Rs 1,500 crore.
At 10.47 am, shares of Indiabulls Housing Finance were trading 2.67 per cent down at Rs 695.30. The scrip opened the day at Rs 711 and touched a low of Rs 693, in trade so far. In a clarification to BSE, Indiabulls Housing Finance said, “The Income Tax Department came to some of our offices to check our books in the normal course. We have extended all assistance and provided all desired information to the team of officials.”
During the last year, the Indiabulls Group has paid an aggregate of Rs 782 crore as income tax and Rs 372 crore as service tax to the department.
According to reports, the searches are part of a probe into corporate borrowing worth Rs 1,700 crore that Indiabulls had carried out. The department is also looking into suspected benami transactions worth Rs 1,000 crore which were conducted by the company during the sale of its properties in the past.
Other Indiabulls group’s firm, Indiabulls Real Estate and Indiabulls Ventures were trading down by 1.04 per cent and 2.82 per cent, respectively, at the same time.
Indiabulls group firms shares had plunged up to 7 per cent on Wednesday after the Income Tax Department searches.
“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 checks, in the normal course will vindicate the same,” the company said in a filing.
(With PTI inputs)