IIFL Finance shares witnessed a sharp 8% decline following reports of an ongoing Income Tax (IT) department search operation at the company’s offices in Mumbai. As exclusively reported by Tarun Sharma, Journalist, Zee Business, the investigation wing of the IT department has been conducting searches across all IIFL offices in Mumbai since this morning. Market participants are awaiting an official response from the company regarding the ongoing developments.
As of 9:53 AM, IIFL Finance shares were trading at ₹334.25, down 6.59% or ₹23.60 from the previous close of ₹357.85. The stock opened at ₹360.00, reached an intraday high of ₹362.00, and touched a low of ₹326.00. The stock’s 52-week high stands at ₹615.53, while its 52-week low is ₹304.13. The total traded volume stood at 23,91,809 shares.
The market reaction reflects investor concerns over the implications of the ongoing tax investigation. Traders and analysts are closely monitoring any statements from the company for further clarity.
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