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
Delhi Man Cheats US Woman Of $400,000. Probe Agency Explains How He Did It 'Forced By ED To Implicate Chief Minister': Karnataka Official Files Case Land Worth Rs 300 Crore Attached In Case Involving Ex Haryana Chief Minister At Olympics Opening Ceremony, Drag Parody Of 'The Last Supper' Draws Flak Centre Fact-Checks Mamata Banerjee's Mic-Off Claim, She Hits Back Why Was Woman In Bengaluru Hostel Murdered? What Initial Probe Reveals "Goa Would Have Collapsed Had The Congress Rule Continued": Kiren Rijiju Trump Vows To Hold Rallies With More Security Despite Assassination Attempt Tourists Duped Into Eating Dog Meat In Bali, Authorities Launch Crackdown Track Latest News Live on NDTV.com and get news updates from India and around the world.