Indiabulls Housing surges after RBI clean chit

Indiabulls Housing Finance jumped 9.89% to Rs 307.35 after the Reserve Bank of India (RBI) in an affidavit to the court said that the company has not violated any law in its lending business.

In a regulatory filing, the company said the RBI affidavit has highlighted the details of loans taken by the borrowers mentioned in PIL and the repayment dates of such loans, the RBI affidavit has mentioned no violations of any nature or kind regarding Indiabulls Housing Finance.

The RBI affidavit stated The Writ Petition is not maintainable either on facts or law as against this Respondent, the Reserve Bank of India, and hence liable to be dismissed as such.

Indiabulls Housing Finance's primary business activities are to carry on business of investing and finance related activities (investing in various subsidiaries, financing of loans and credit activities) and fee income, which mainly consists of financial service related fee income from services, selling of insurance products as a licensed corporate agent, and other related ancillary services.

The company's consolidated net profit fell 44% to Rs 551.70 crore in Q3 December 2019 as compared to Rs 985.51 crore reported in Q3 December 2018. Total income stood at Rs 3369.76 crore in Q3 December 2019, down by 24.7% from Rs 4477.97 crore in Q3 December 2018.

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