Exchanges reclassify Sameer Gehlaut's stake as 'public'; stock falls 5%

Shares of Indiabulls Housing Finance cracked 5 per cent to Rs 101.8 on the BSE in Thursday's intra-day trade, extending its decline intor fifth straight session. Including today's fall, the stock has declined 13.6 per cent over the last five days. In comparison, the BSE Sensex index has slipped 3 per cent.

Meanwhile, Thursday's slide on the bourses came as the BSE and the National Stock Exchange have approved the reclassification of Sameer Gehlaut and his trusts to the category of "Public" shareholders from "Promoter."

With the re-classification, the promoter shareholding in the company has been reduced to nil from 9.6 per cent, while public holding is up to 100 per cent from 90.34 per cent.

According to the data provided by the exchanges, Sameer Gehlaut held 5 lakh, or 0.11 per cent, stake in the company. Inuus Infrastructure held 5.97 per cent stake, and Sameer Gehlaut IBH Trust 3.58 per cent stake.

Meanwhile, during the December quarter of FY23, Indiabulls Housing's consolidated net profit slipped to Rs 291 crore from Rs 303 crore at the end of Q3FY22. Sequentially, profit declined from Rs 289.5 crore. Revenue from operations slipped to Rs 2,339 crore from Rs 2,274.36 crore year-on-year, and Rs 2,229.78 crore quarter-on-quarter.