Shares of Nuvama Wealth Management Ltd fell nearly 3% on Wednesday, trading at ₹7,231.50 after news broke of Income Tax Department searches being conducted on the company’s premises. The stock reacted sharply amid broader concerns related to regulatory scrutiny.
According to reports by Zee Business and NDTV Profit, the search operation is linked to the Jane Street case. Jane Street was earlier restricted by SEBI for allegedly manipulating Indian stock indices through large derivative trades, primarily in Bank Nifty. Nuvama is understood to be an on-ground trading partner for Jane Street in India.
Nuvama, in its official communication, clarified that the order pertains to a survey of books of accounts of Nuvama Wealth Management Ltd (NWML), and not a full-blown raid.
In early July, SEBI had asked Jane Street to return ₹4,844 crore in alleged unlawful gains. The firm complied and deposited the amount in escrow, following which trading restrictions were lifted.
Searches are currently ongoing in multiple locations, and more details are awaited.
Stock Impact
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Nuvama Wealth: Down 2.44%
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Day Range: ₹7,139.50 – ₹7,375.00
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Market Cap: ₹259.97B INR
Disclaimer: This is a developing story. The final outcome of the ongoing survey/investigation is not yet known. Investors are advised to exercise caution and await official updates from the authorities and the company.
