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By Malvika Gurung
Investing.com — Shares of the realty major Indiabulls Real Estate (NS:) surged 11.54% to Rs 115 apiece on Tuesday, at the time, despite a choppy session. Headline indices and were trading 0.54% and 0.51% lower, respectively.
It was top gainer on the broadest market index .
The stock surged after the company clarified that the recent Enforcement Directorate (ED) raids had no connection to the company’s business or operations and pertained to a client.
“We wish to clarify that ED has sought some information from Indiabulls Housing Finance (NS:) regarding certain of their clients and it is understood that the necessary data has been provided to ED by IHFL and its officials”, stated the company in an exchange filing.
The company’s stock tanked 15% on Monday after the ED conducted searches at the Indiabulls Finance Center in Mumbai and Delhi locations.
The raids were conducted based on a Prevention of Money Laundering Act, 2002 (PMLA) case lodged by the ED as an Enforcement Case Information Report (ECIR), against the group’s mortgage lender Indiabulls Housing Finance and its promoters in April 2021.
The ED case was based upon an FIR filed in Palghar, Maharashtra, against the company and its promoter Sameer Gehlaut, besides some more related companies and individuals.
According to this FIR, the private banking lender had siphoned money and invested in their shares for an increased price.
Sameer Gehlaut had resigned as a non-executive director and chairman of the company, w.e.f. Dec 31, 2021.
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