Shares of Nuvama Wealth Management Ltd. dropped nearly 3% on Wednesday, trading around ₹7,231.50 intraday, after news broke that the Income Tax Department is conducting search operations at its premises.
What’s Happening?
According to NDTV Profit, the searches are part of an investigation into the Jane Street matter. Nuvama is reportedly the on-ground trading partner for Jane Street in India, prompting tax officials to carry out simultaneous operations at multiple locations.
This follows SEBI’s earlier action in July against Jane Street for alleged manipulation of Bank Nifty through large derivatives trades, demanding ₹4,844 crore in suspected gains. Though Jane Street complied and the ban was lifted, the IT department is now digging deeper into the financial trails involving their Indian counterpart.
Stock Impact
Nuvama shares fell as much as ₹181, or 2.44%, intraday as investors reacted to the news. The stock hit a low of ₹7,139.50 during the session.
Disclaimer: This is a developing story based on preliminary reports from Zee Business and NDTV. Neither Nuvama Wealth nor the IT Department has issued a formal public statement yet. Investors should await official clarification.
