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Edelweiss clarifies on ED summons, says no dealings with Capstone Forex

Date: 11-01-2020
Subject: Edelweiss clarifies on ED summons, says no dealings with Capstone Forex
NEW DELHI/MUMBAI: Edelweiss Financial Services NSE -9.52 % on Friday said it has received a communication from the Enforcement Directorate to appear and provide information about Edelweiss group companies' dealings with a company called Capstone Forex.

“We would like to state that none of our companies have any transactions with this company - Capstone Forex Pvt ltd,” Edelweiss said in a statement.

Earlier in the day, shares of Edelweiss Financial Services plunged 10 per cent to hit lower circuit after ET NOW reported that Enforcement Directorate has summoned co-founder Rashesh Shah in connection to a Rs 2,000-crore forex scam.

Edelweiss Financial Services dropped 9.56 per cent to close at Rs 106. The stock has tanked 41 per cent in the last one year.

In a clarification to the exchanges, Edelweiss said, “We further deny wild and baseless allegations contained in the news items which are apparently attributed to unidentified sources. We are in fact shocked at the spread of unauthenticated allegations and the inference being drawn from it.”

Source: economictimes.indiatimes.com

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