Shares of Nuvama Wealth Management Ltd. slipped another 2.76% to ₹7,040 on Thursday, extending losses after the company officially confirmed that the Income Tax Department is conducting a survey at its premises. The decline follows concerns raised by media reports earlier in the week, linking the firm to the high-profile Jane Street trading case.
In a regulatory filing, Nuvama acknowledged that the tax survey commenced on July 31, 2025, under Section 133A of the Income Tax Act, and remains underway. The company stated that it is fully cooperating with authorities, providing all requested documentation and disclosures.
The clarification came in response to queries from the BSE after multiple news outlets reported that Nuvama’s offices were being searched as part of a broader investigation into suspected stock market manipulation by global trading firm Jane Street. While no formal charges have been announced against Nuvama, investor sentiment appears shaken by the scrutiny.
Nuvama acted as Jane Street’s local execution partner in India. Jane Street, which was recently barred by SEBI for alleged manipulation of the Bank Nifty index through its derivative positions, was directed to return ₹4,844 crore in profits gained from its trades. The restrictions were lifted after the firm complied.
Despite the ongoing survey, Nuvama emphasized that its operations remain unaffected. However, the confirmation of regulatory involvement has led to further pressure on the stock, which has now fallen more than 5% over two sessions.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Please consult a certified financial advisor before making investment decisions.
