IIFL Securities Plunge Amid Sebi Investigation of Sanjiv Bhasin

Shares of IIFL Securities plummeted over 10%, following reports that Sebi is investigating Sanjiv Bhasin for alleged stock manipulation. The stock's market value dropped by Rs 713.49 crore. Bhasin was a consultant for the firm but his contract was terminated prematurely due to health reasons.

Shares of IIFL Securities took a nosedive on Thursday, plunging over 10% on the BSE amid reports of Sebi probing Sanjiv Bhasin for alleged stock manipulation.

The stock plummeted 10.22% to close at Rs 205.10 per share, with an intra-day drop reaching 11.35% to Rs 202.50. The NSE saw a similar trend, with shares declining 9.79% to Rs 205.93.

This steep decline erased Rs 713.49 crore from the company's market valuation, reducing it to Rs 6,319.72 crore. IIFL Securities confirmed that Bhasin's contractual consultancy with the firm was terminated prematurely, citing health reasons.

Bhasin, a familiar face on business news channels, has informed the company about the Sebi enquiry, though details remain undisclosed.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)