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Edelweiss Financial slumps on buzz ED summons Rashesh Shah

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Edelweiss Financial Services hit a lower circuit limit of 10% at Rs 105.50 after the media reported that the Enforcement Directorate (ED) has summoned Edelweiss Group chairman Rashesh Shah in Rs 2,000 crore forex scam.

According to media reports, Edelweiss Group founder and chairman Rashesh Shah was summoned by the Enforcement Directorate on Friday in connection with a Rs 2,000 crore forex scam. Shah's benami firms are under scanner the federal probe agency. The ED has busted the Rs 2,000 crore forex smuggling racket, reports added.

The company is yet to issue an official clarification in this matter.

Edelweiss Financial Services is engaged in providing investment banking and advisory services, and holding activities/investments. The firm's segments include agency business, capital based business and life insurance.

Edelweiss Financial Services's consolidated net profit fell 81.2% to Rs 51.17 crore on 10.1% decline in total income to Rs 2,405.24 crore in Q2 September 2019 over Q2 September 2018.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 10 2020. 14:56 IST