Following the reports of media about country wide raids of income tax on their offices, shares of Indiabulls Group companies falls. This company has interest in financial services, lending and real estate development.

Sources of DNA newspaper said that raids are being conducted at Delhi and Mumbai offices of Indiabulls Housing Finance, Indiabulls Real Estate and Indiabulls Ventures.  Indiabulls is the 2 largest private housing finance company of the Country.

Indiabulls Housing Finance says to BSE (Bombay Stock Exchange) that some officers of income tax “came to our offices to check out books in the normal course”.

Shares of Indiabulls Ventures down 10% at Rs 30.85, shares of Indiabulls Real Estate traded 9% lower at Rs 87.25, Indiabulls Wholesale shares traded at 5% lower at Rs 28.20 while Indiabulls Housing Finance traded 6% lower at Rs 697.90.