Shares of IL&FS group companies dropped up to 5 per cent Wednesday, on a day when the Enforcement Directorate (ED) conducted raids in connection with the multi-crore IL&FS payment default crisis.
IL&FS Transportation Networks dropped 4.94 per cent, IL&FS Engineering and Construction Company declined 4.93 per cent and IL&FS Investment Managers Limited 2.28 per cent on BSE.
The ED Wednesday conducted raids in Mumbai and Delhi-NCR region in connection with the multi-crore IL&FS payment default crisis, officials said.
They said the action by the central probe agency came after it registered a criminal complaint under the Prevention of Money Laundering Act (PMLA) in the alleged payment default case and, searches were being conducted at the residential locations of executives linked to the Infrastructure Leasing and Financial Services (ILFS) including its former Chairman Ravi Parthasarathy and few others.
The debt crisis at the infrastructure lender came to light following a series of defaults by its group companies beginning September, 2018.
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