News Karnataka
Sunday, September 25 2022
Business News

Indiabulls Real Estate shares up 10% after clarification on ED searches

Photo Credit : IANS

New Delhi: Shares of Indiabulls Real Estate jumped over 10 per cent on Tuesday after the company clarified that the recent searches by the Enforcement Directorate were about a client and had nothing to do with the company as such.

As reported by IANS, the Enforcement Directorate on Monday conducted raids at the offices of Indiabulls Finance Centre in Mumbai and Delhi in connection with a Prevention of Money Laundering case lodged against the company and its promoter Sameer Gehlaut in April 2021.

“… we wish to clarify that ED has sought some information from Indiabulls Housing Finance Ltd (IHFL) regarding certain of their clients and it is understood that the necessary data has been provided to ED by IHFL and its officials,” the company said in a regulatory filing on Monday after market hours.

“The said ED investigation did not pertain to Indiabulls Real Estate Ltd (the ‘Company’) and has no bearing on the business and operations of the Company,” it read.

On Tuesday, the shares of the company settled at Rs 113.80, up 10.4 per cent from the previous close.

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