Indiabulls group stocks tank up to 7% on searches by I-T dept

Shares of Indiabulls group firms fell up to 7 per cent today after the Income Tax department conducted multiple searches on the premises of Indiabulls group in connection with charges of alleged tax evasion.
Indiabulls Ventures tumbled 6.86 per cent to settle at Rs 31.90, while Indiabulls Wholesale Services dipped 4.89 per cent to Rs 28.20 on BSE.
Shares of Indiabulls Real Estate slipped 4.23 per cent to Rs 91.65 and Indiabulls Housing Finance fell by 3.89 per cent to Rs 714.40.
The Income Tax department today conducted multiple searches on the premises of Indiabulls group in connection with its probe against the firm on charges of alleged tax evasion.

Officials said the searches covered multiple premises of the firm in Mumbai and Delhi after the department received "actionable evidence" to mount the action.
They said some instances of "asset transfers" are also under their scanner.
Meanwhile, Indiabulls Housing Finance in a clarification to the BSE said, "We would like to state that this morning, officials of the Income Tax Department came to some of our offices to check our books, in the normal course. We are extending all assistance to the team of officials. We are confident that the officials will find our corporate practices and books satisfactory.
"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 check, in the normal course, will vindicate the same," it said.