Shares of Educomp Solutions nosedived on the bourses today, extending their steep fall of the previous session after the Income-Tax Department conducted searches at the premises of the education solutions provider in the National Capital Region for alleged tax evasion.
Shares of the company plunged 18.92 per cent in the morning trade to a 52-week low of Rs 190 on the Bombay Stock Exchange. In a similar fashion, the stock tanked over 11 per cent to a one-year low of Rs 208.70 on the National Stock Exchange.
In the previous trading session, the stock lost up to 14 per cent on the bourses.
The premises of three companies — Educomp Solutions, Educomp Infrastructure School Management and Educomp Private Services — were searched by the Income-Tax Department officials.
The search operation was conducted at 14 premises of the companies in Faridabad, Gurgaon and other parts of the NCR.
The stock was later trading at Rs 212.15, down 9.47 per cent from its previous close on the BSE in the late morning session.