Indiabulls Housing soars 30% on heavy volumes, zooms 110% from October lows

Shares of Indiabulls Housing Finance moved higher by 30 per cent to Rs 348 in the intra-day trade on the BSE on Thursday on the back of heavy volumes. The stock of housing finance company zoomed 110 per cent from its low of Rs 166 touched on October 17, 2019. Shares of the comany settled at Rs 334, up 25 per cent. 

The trading volumes on the counter jumped more than three-fold today. A combined 170 million equity shares representing 40 per cent of the total equity of the company changed hands on the counter on the NSE and BSE till 03:22 pm.

Besides, Indiabulls Housing Finance, other group companies like Indiabulls Real Estate (Rs 72), Indiabulls Ventures (Rs 178) and Indiabulls Integrated Services (Rs 68) were locked in the upper circuit of 5 per cent each on the BSE.

Today, Rajya Sabha MP and veteran Bharatiya Janata Party leader Subramanian Swamy tweeted, "In this hour of economic tailspin, wage earners & middle class families who have placed in trust their life savings in financial companies should be generously given back their investments & that in turn Banks should have liberal attitude toward these companies on pending loans."

"Many have responded with their willingness but surprised to receive from India Bulls a transparent response sending company documents with bank statements. I have asked my legal team to examine these documents," the tweet added.