The tax officials conducted a explore the premises of the unnamed Chennai-based private academic firm on August 4, which revealed that the actual firm's managing director had concealed taxable income associated with Rs 116 crore ($25. 2 million), the agency said within the release without naming the executive. The managing director then contacted the tax official with an accountant to reduce the income tax liability, the actual agency added.
Following the news of the police arrest, Everonn, hit the lower circuit on Friday from Rs 352. And today, the stock has strike its second lower cuicuit.
Many investors, however, say although the event highlights corporate governance issues in the organization, their belief in the sector's growth story continues to be strong.
Around 9, 696 shares have exchanged on the job the BSE counter, so far.