Educomp loses 15% in two sessions

Shares of Educomp Solutions have fallen sharply on bourses, partly because of reports that I-T department conducted a probe at its Gurgaon and Delhi offices on Thursday afternoon. The news triggered a major selling in the counter, with the stock taking nearly 15% beating to Rs 219.9 in the past two days on the BSE.

It, in fact, slipped to a new low intra-day on Friday. The selloff in the counter took place amid large volumes with 13.4 lakh shares trading on the day, compared with 22 lakh on Thursday and 4.2 lakh on Wednesday. The decline has been steep over a longer period, with the stock plunging as much as 43% over the past one month. “The management, it is believed, has clarified that IT officials were at the offices for regular verification of records,” said a Kolkata-based broker.

Some analysts say investors have been taking a cautious view on it also due to concerns over its asset creations.

(Contributed Anuradha Himatsingka)