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Setting Cat among Pigeons

With the Indiabulls’ stock heading southwards, Veritas has become a dreaded name…

Canadian research firm Veritas has ruffled quite a few feathers in the stock market over the past one year. Veritas, which derives its name from Roman goddess of truth, has suddenly become a gospel voice which spells doom for companies it sets its eyes on. The latest victim of Veritas' gaze is Indiabulls Group. Veritas claims that the company fooled its investors in the recent merger of Indiabulls Infrastructure Development Limited (IIDL) with Indiabulls Power. The report has sent Indiabulls' stock price into a freefall; dipping as much as 15 per cent. It's not the first time a company has gone into a tailspin after such a report by Veritas. Giants DLF, Kingfisher, Reliance Communication and RIL have all winessed a major dip in their stock post Veritas' report on them.