Indiabulls Group clarifies on IT raids; stocks react

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

The group which has 4 companies registered on the exchanges saw a plunge in the share prices.  The shares of Indiabulls Ventures Limited, Indiabulls Real Estate Limited, Indiabulls Housing Finance Limited and Indiabulls Wholesale Services Limited, all slumped on the BSE on July 13, after the news of the raids spread like a wide fire.

In this regards, the exchanges sought a clarification from the group in which the company has clarified that the Income Tax Department came to some of the company’s offices to check the books in the normal course. Last year, Indiabulls Group has paid an aggregate of Rs. 782 crore as income tax and Rs. 372 crore as service tax to the department.

On the news, the stock on July 15, has gained. Shares of Indiabulls Housing Finance have gained by 1.97 per cent as at 10.26 am, and is currently trading at Rs 710.50. On the other hand, the shares of Indiabulls Wholesale Services, Indiabulls Real Estate, and Indiabulls Ventures are marginally down.

The Indiabulls Group, is an Indian conglomerate headquartered in Gurgaon, India. It was founded by Mr. Sameer Gehlaut (Chairman) in 1999, and operates in sectors spread across housing finance, real estate & wealth management.