Nuvama Wealth Management shares fell over 2.4% on Wednesday to ₹7,231.50 after Zee Business reported that the Income Tax Department is conducting searches at Nuvama Broking in connection with the Jane Street case.
The raids come weeks after SEBI restricted U.S.-based Jane Street’s market access over alleged index manipulation using Bank Nifty derivatives. SEBI had ordered the firm to repay ₹4,844 crore in alleged illicit gains, which Jane Street promptly deposited in an escrow account. Following this, the trading ban was lifted.
The stock touched an intraday low of ₹7,139.50 following the news.
Disclaimer: The information above is based on media reports and preliminary updates. The Income Tax Department has not issued an official statement as of now. This is a developing story and further details are awaited.
