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Educomp Solutions’ shares today fell to a one-year low on the bourses after the company said the Income-Tax Department was conducting a probe at its offices in Gurgaon and Delhi.
Following the buzz, the stock went into a tailspin, reversing its morning gains and plunged 14 per cent to hit a 52-week low of Rs 221 on the BSE. However, later it managed to wipe out some of the losses and was trading at Rs 232.40, down 9.66 per cent in the afternoon trade.
Similarly, on the NSE, the scrip plummeted 14.27 per cent to touch a one-year low of Rs 220.65.
“Income-Tax Department is conducting a search at the office of Educomp Solutions Ltd. The company is given to understand that this is a routine verification of records. We have full faith in the departmental procedural diligence and are cooperating fully with the authorities”, the company statement said.
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