Educomp hits 52-week low on IT Deptt probe: Report

NEW DELHI: Shares in Educomp Solutions Ltd slipped lower on Thursday after the Income Tax Department conducted probe at 6 offices of Educomp across the country, according to reports by ET Now.

Reports also suggest that the employees of Educomp Solutions Ltd have been told not to come to their offices in the light of the ongoing Income Tax Department probe.

“I have been downbeat and bearish on Educomp since it was at Rs 900. The stock is not a buy opportunity,” said Sudarshan Sukhani of Technical Trends today.

At 11:40 AM, shares in Educomp slipped nearly 5% to trade at Rs 245. The stock has also hit its 52-week low of Rs 243.05 in the intra-day trade today. For the year the stock has corrected over 50 per cent.