Educomp Solutions tanks for the second day

Stocks

oi-Shoaib MD

By Shoaib Md

Published: Friday, August 19, 2011, 13:10 [IST]

Educomp Solutions fell again for the second consecutive day on the bourses today by another 9.02% during the day to Rs 213 (at 12.47 p.m.).

Yesterday the company fell with by approximately 10% on the news that the income-tax department conducted raids at the premises of the education solutions provider in the NCR. Reports suggests that the I-T believes that Educomp solutions is involved in tax evasion.

The premises of three companies, Educomp Solutions, Educomp Infrastructure School Management and Educomp Private Services, were searched by officials of the income tax department.

Reports are that the operation was conducted on 14 premises of the companies in Faridabad, Gurgaon and other parts of the National Capital Region (NCR).

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