Indiabulls Group shares surge amid reports of no major financial irregularities in operations

Shares of Indiabulls Group companies on Thursday ended the session with gains up to nearly 11 per cent amid reports that the government has not found any significant financial irregularities in the operations of the group.

On the BSE, Indiabulls Housing Finance's shares zoomed 10.81 per cent to Rs 338.30 apiece, Indiabulls Ventures surged 8.36 per cent to Rs 217.70, Indiabulls Real Estate rose 2 per cent to Rs 89.10 and Indiabulls Integrated Services was up 4.96 per cent to Rs 107.85.

According to reports, the Ministry of Corporate Affairs has not found any significant financial irregularities in the operations of the Indiabulls Group.

The ministry in October last year had told the Delhi High Court that it received various complaints against the Indiabulls Group of companies and some of them were being inspected.

The ministry's affidavit was filed in response to a public interest litigation by an NGO, Citizens Whistle Blower Forum, alleging financial irregularities by Indiabulls Housing Finance Ltd (IBHFL). The MCA had in October 2019 said the inspections with regard to Indiabulls Venture Ltd, IBHFL and Indiabulls Real Estates Ltd were underway.