Indiabulls Real Estate shares rose over 9% to Rs 113.05 on the BSE in Tuesday’s intra-day trade on the strength of large volumes after the company stated that the Enforcement Directorate (ED) probe did not extend to the company and has no influence on the company’s business and operations.

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The stock rose 8% to Rs 110.75 at 10:33 a.m., outperforming the S&P BSE Sensex, which fell 1.6%. The counter’s trading volume increased 1.5 times, with a total of 28 million equity shares changing hands on the NSE and BSE.

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The shares of the real estate developer fell 15% to Rs 103 on Monday after the ED searched Indiabulls Finance Center offices in Delhi and Mumbai. This was in relation to charges of money laundering levelled against the company and its promoter, Sameer Gehlaut, in April 2021.

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“We wish to clarify that ED has sought some information from Indiabulls Housing Finance Limited (IHFL) regarding certain of their clients and it is understood that the necessary data has been provided to ED by IHFL and its officials. The said ED investigation did not pertain to Indiabulls Real Estate Limited and has no bearing on the business and operations of the company,” Indiabulls Real Estate said in an exchange filing.

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Gehlaut has resigned as a non-executive director and chairman of the company, effective December 31, 2021. Furthermore, Indiabulls Real Estate stated that the departing promoters have indicated that they are not involved in the day-to-day operation of the firm.

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The ongoing merger of NAM Estates Private Limited and Embassy One Commercial Property Developments Private Limited, both Embassy group entities, is on track, and the shareholders of the company approved the scheme of the merger at an NCLT-convened meeting held on February 12, 2022.