Five premises of the popular jewellery chain Joyallukas are being raided by the Enforcement Directorate in Kerala. The raids came just a day after the company withdrew its Rs 2,300 crore initial public offering or IPO, saying it needed more time to incorporate substantial changes to its financial results.
The company plans to refile its IPO documents "at the earliest, subject to market conditions," Chief Executive Baby George told Reuters on Tuesday, without elaborating further.
The jewellery retailer, which focuses mainly on Southern India, is the latest to delay or pull its IPO plans amid market volatility and stubbornly high inflation.
The company operates showrooms across roughly 68 cities.
Featured Video Of The Day
3 Khalistani Terrorists, Who Attacked Punjab Cops, Killed In UP Encounter
Vijay Mallya To "Dearest Friend" Lalit Modi On X: "We've Been Wronged" 15,000 Crore Of Vijay Mallya, Nirav Modi's Assets Restored To Banks: Centre Businessman-Wife Death: Suicide Note Mentions Harassment By ED, BJP leaders "Congress Should Be Ready...": Mani Shankar Aiyar's Big INDIA Bloc Remark Bashar Al-Assad's Wife Files For Divorce, Wants To Return To UK: Report 3 Marriages, Rs 1.25 Crore: How 'Looting Bride' Targeted Rich Men Constipation Awareness Month 2024: Diet Tips For Better Digestion Ukraine Collects Vast War Data Trove To Train AI Models Manual Labour Resumes Excavation Work Of Sambhal Stepwell After JCB Fails Track Latest News Live on NDTV.com and get news updates from India and around the world.