Educomp Solutions tanks on bourses after I-T search

Shares of Educomp Solutions nosedived on the bourses today, extending their steep fall of the previous session after the Income Tax Department conducted searches at the premises of the education solutions provider in the NCR for alleged tax evasion.Shares of the company plunged by 18.92% in morning trade to a 52-week low of Rs 190 on the Bombay Stock Exchange.

In a similar fashion, the stock tanked by over 11% to a one-year low of Rs 208.70 on the National Stock Exchange. In the previous trading session, the stock lost up to 14% on the bourses.

The premises of three companies-- Educomp Solutions, Educomp Infrastructure School Management  and Educomp Private Services -- were searched by officials of the Income tax Department.

The search operation was conducted at 14 premises of the companies in Faridabad, Gurgaon and other parts of the National Capital Region (NCR).

The stock was later trading at Rs 212.15 apiece, down 9.47% from its previous close on the BSE at 1105 hours.