Indiabulls Housing tumbles over 7% in two days

Indiabulls Housing Finance slumped 5.63% to Rs 229.70, declining for the second session.

The stock has lost 7.29% in two sessions from its recent closing high of Rs 247.75 on 3 March 2021.

In a BSE filing made after market hours yesterday, the company's board approved the allotment of $150 million of 4.5% secured foreign currency convertible bonds (FCCBs) due 2026 convertible into equity shares of Rs 2 each, subject to receipt of funds, satisfaction of other conditions and procedures and relevant agreements have been approved by the Securities Issuance Committee.

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 tumbled 40.3% to Rs 329.32 crore on a 25.4% fall in total income to Rs 2514.70 crore in Q3 FY21 over Q3 FY20.

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