Indiabulls Housing Finance tanks 8 pc, moves out of 100 most-valued firms list

Shares of Indiabulls Housing Finance Ltd (IBHFL) continued to fall Wednesday, dropping nearly 8 per cent, following allegations of siphoning off Rs 98,000 crore of public money, pushing the company out of the list of top 100 companies by market valuation.

The scrip plunged 7.93 per cent to close at Rs 621.15 on the BSE. During the day, it tumbled 9.56 per cent to Rs 610.10.

At the NSE, shares of the company tanked 7.93 per cent to close at Rs 621.05.

IBHFL shares had dropped 8 per cent Tuesday also.

Following the sharp plunge in its stock price, the company also moved out from the list of top 100 most-valued companies on the BSE.

In two days, the company's market valuation fell by Rs 4,771.24 crore to Rs 26,558.76 crore on the BSE.

A plea was filed in the Supreme Court Monday seeking legal action against IBHFL, its chairman and directors for alleged misappropriation of Rs 98,000 crore of public money.

Meanwhile, IBHFL Wednesday moved Supreme Court, seeking urgent listing of the plea in which it was alleged that the company misappropriated public money.

Terming the allegations as "bizarre", IBHFL had Monday said that the writ petition filed in the apex court is an attempt to "malign" the company's reputation and create hurdles in its merger with Lakshmi Vilas Bank.

"The total loans on the books of IBHFL is approx Rs 90,000 crore. The allegations of siphoning off Rs 98,000 crore is bizarre," IBHFL had said in a statement.