Earlier this month, a public interest litigation (PIL) was filed in the Delhi High Court seeking an SIT investigation into the alleged illegalities, siphoning of funds and violations committed by the promoters of Indiabulls Housing Finance.
Delhi HC today said PIL against co alleging round-tripping funds of company deserves to be heard and to next hear the case on December 13, the report suggested.
Among individual stocks, Indiabulls Ventures tanked 19 per cent to Rs 150, while Indiabulls Housing Finance slipped 7 per cent to Rs 384 on the BSE in intra-day trade.
Indiabulls Real Estate hit an over three-year low of Rs 51, down 9 per cent on Friday, extending its past two days 5 per cent fall on the BSE. The stock of real estate developer was trading at its lowest level since April 2016. It touched an all-time low of Rs 40.10 on December 7, 2011 on the BSE in intra-day trade.
The company on Wednesday said it has sold the remaining stake in Mumbai and Gurugram commercial properties to US-based fund manager Blackstone for Rs 2,717 crore.
Indiabulls and its subsidiaries are also in the process of finalising a deal with Blackstone to divest direct or indirect stake in commercial assets at Worli Mumbai, rights or stake in K G Marg, New Delhi and Sector 104 & Sector 106, Gurugram, the company said.
“This has generated significant financial resources for the company towards achieving its goal of zero net debt in current financial year,” the company said. Indiabulls Real Estate had total debt of Rs 4,590 crore in FY19.
Thus far in the September 2019 quarter, the market price of Indiabulls Real Estate has more than halved from level of Rs 114, as compared to 1.5 per cent decline in the S&P BSE Sensex.