New Delhi, Jun 27 (PTI) Shares of IIFL Securities on Thursday tanked over 10 per cent amid reports of Sebi investigating Sanjiv Bhasin, who was associated with the brokerage house as a consultant on a contractual basis, for his role in alleged stock manipulation.

The stock tumbled 10.22 per cent to settle at Rs 205.10 apiece on the BSE. During the day, it plummeted 11.35 per cent to Rs 202.50.

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On the NSE, it declined 9.79 per cent to Rs 205.93 per share.

The company's market valuation went lower by Rs 713.49 crore to Rs 6,319.72 crore.

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In a statement on Wednesday, the brokerage house said, "Bhasin was associated with IIFL Securities as a consultant on a contractual basis".

His term was to end on June 30, 2024. However, due to health reasons, his contract has been discontinued prematurely with effect from June 17, 2024, it added.

"Bhasin informed us about Sebi's enquiry but the details of the same were not disclosed to us. Hence, we will not be able to comment. Please note that he was not a member of the board of directors of IIFL Securities Ltd or any other group company or affiliates," it added.

Bhasin is a known face on various business news channels and digital media platforms, where he discusses trading ideas pertaining to stocks.

According to media reports, Sebi is investigating Bhasin for his role in an alleged market manipulation.

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