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Journalism of Courage
Educomp Solutions stock nosedived on the bourses today,extending the steep fall of the previous session after the Income Tax Department conducted searches at the premises of the education solutions provider in the NCR for alleged tax evasion.
Shares of the company plunged by 18.92 per cent in morning trade to a 52-week low of Rs 190 on the Bombay Stock Exchange.
In a similar fashion,the stock tanked by over 11 per cent to a one-year low of Rs 208.70 on the National Stock Exchange.
In the previous trading session,the stock lost up to 14 per cent on the bourses.
The premises of three companies8211; Educomp Solutions,Educomp Infrastructure School Management and Educomp Private Services 8212; were searched by officials of the Income tax Department.
The search operation was conducted at 14 premises of the companies in Faridabad,Gurgaon and other parts of the National Capital Region NCR.
The stock was later trading at Rs 212.15 apiece,down 9.47 per cent from its previous close on the BSE at 1105 hours.
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