Indiabulls Housing Finance falls 6% on Rs 98,000-cr siphoning charge

Indiabulls Housing Finance, Indiabulls Integrated Services, Indiabulls Ventures and Indiabulls Real Estate were down 6% to 10% on the BSE in intra-day trade today.

Shares of all listed Indiabulls Group companies were under pressure, falling up to 10 per cent on the BSE during the early morning trade on Tuesday after media reports alleged Indiabulls Housing Finance Limited (IHFL) for misappropriating Rs 98,000 crore of public money.

“A plea was filed in the Supreme Court Monday seeking legal action against Indiabulls Housing Finance Limited (IHFL), its chairman and directors for alleged misappropriation of Rs 98,000 crore of public money,” news agency PTI reported.

Following the news reports, the stock of IHFL slipped 6 per cent to Rs 691 apiece on the BSE. Lakshmi Vilas