IT dept. raids Indiabulls offices: Shares take a nosedive

The shares of Indiabulls have fallen steeply on July 13, on the news that Income Tax department has raided in the different offices of the company in Mumbai and New Delhi.

The group has 4 companies registered on the exchanges. 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 like a wide fire.

As at 3.13 pm, the shares of Indiabulls Venture have plunged by 7.30 per cent, Indiabulls Real Estate have plunged by 4.13 per cent and are trading at Rs 91.75, Indiabulls Housing Finance have plunged by 4.11 per cent and is currently trading Rs 712.80, Indiabulls Wholesale Service has also fallen by 4.89 per cent and is currently trading at Rs 28.20.
It is learnt that Indiabulls had borrowed Rs 1700 crore from a company and later went on to acquire it. The group's name is also under scanner due to few benami transaction in selling flats. Income Tax department are also probing the company's recent restructuring.

According to some media houses, around 1000 Income Tax officials are involved in search of Indiabulls offices and residence of promoter Sameer Gehlaut. Income Tax officials raided the premises of the company under the leadership of the directorate of Income Tax investigation unit in Mumbai.