Market Jitters: IIFL Group Under Income Tax Scrutiny

Shares of 360 One WAM fell over 5% amid reports of Income Tax Department's raids at IIFL Group offices over tax evasion concerns. The stock hit a low of Rs 944.25 on the BSE. Similar declines were observed in IIFL Finance and IIFL Capital Services.

Shares of 360 One WAM faced a significant decline on Tuesday, dipping more than 5% amid news of income tax raids targeting IIFL Group offices. The stock closed 5.72% lower at Rs 1,015 on the NSE.

IIFL Finance stocks weren't spared either, dropping 2.24% to Rs 349.85 on the NSE, while IIFL Capital Services decreased by 2.23% to close at Rs 227.90 on the BSE.

Despite the turmoil in specific stocks, the broader market showed resilience, with the Sensex rising by 535.24 points to 75,901.41 and the NSE Nifty increasing by 128.10 points to 22,957.25. The tax raids are reportedly linked to allegations of tax evasion involving three key IIFL group companies.

(With inputs from agencies.)