The Exchange has sought clarification from Nuvama Wealth Management Limited with respect to recent news item captioned Nuvama shares fall nearly 3% as IT conducts searches at Nuvama Broking. The response from the Company is attached.
NUVAMA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Nuvama Wealth Management confirmed that the Income Tax Department is conducting a survey under Section 133A of the Income Tax Act, 1961, at the company's registered office in Mumbai. The clarification was issued in response to a news report that caused Nuvama shares to fall nearly 3%. The company stated it is extending full cooperation to the authorities and sharing required information. The survey is still ongoing and its outcome is not yet known. Nuvama said it will make further disclosures to stock exchanges as required, and that business operations continue as usual.
The Income Tax survey creates short-term uncertainty and negative sentiment, as evidenced by the ~3% stock fall. However, the company is cooperating and operations remain unaffected. Investors should watch for further updates on the survey's outcome, as it could lead to additional disclosures or financial impact.