Indiabulls Housing slides after ED raids offices

Indiabulls Housing Finance fell 1.68% at Rs 163.95 as the Enforcement Directorate (ED) conducted raids at Indiabulls Finance Center in Mumbai and Delhi.

Indiabulls Housing Finance clarified to the bourses late evening on Monday (21 February 2022) that ED sought some information regarding certain clients and the matter originates from ECIR No. 07/HUI/2021 filed by ED on the basis of FIR lodged in village Wada, Palghar, Maharashtra in April 2021.

The company and its officials have provided the data of clients to ED. The ECIR registered by ED stems out of an FIR filed by one Ashutosh Kamble who is part of the long-running extortion and blackmail racket against the company.

The FIR is a copy-and-paste of earlier several patently false, vexatious and malicious complaints that the blackmailers have been circulating for last 3 years now, a similar allegations petition under name of Abhay Yadav was dismissed by Supreme Court in 2019, the company said in its clarification to the bourses.

The clarification further reads, "The company had immediately approached the High Court seeking quashing of the false & malicious FIR filed against the company in village Palghar last year."

The Division Bench of Bombay High Court on 27 April 2021 passed a detailed order staying all investigations in the matter.

Reacting to reports, shares of Indiabulls Housing Finance plunged 9.67% on Monday (21 February 2022).

On a consolidated basis, Indiabulls Housing Finance's net profit declined 8% to Rs 302.9 crore on 9.4% slide in total income to Rs 2,277.8 crore in Q3 FY22 over Q3 FY21.

Indiabulls Housing Finance is a housing finance company, regulated by the National Housing Bank (NHB). The company offers competitively priced home loans in the affordable housing segment.

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