Indiabulls Real Estate plunges 7% as MD Mehul Johnson resigns

The company said merger with the Embassy was in the final stages of the National Company Law Tribunal (NCLT) review - next hearing in Chandigarh scheduled for tomorrow, March 1, 2023.

Shares of Indiabulls Real Estate slipped 7 per cent to Rs 56.70 in Tuesday's intra-day trade on the BSE after the company announced resignation of Mehul Johnson as a Managing Director (MD) & Key Managerial Personnel of the company with effect from February 27.

Meanwhile, the board approved appointment of Sachin Chittaranjan Shah as an Additional Director designated as Executive Director, of the company, for a period of 5 years w.e.f. February 27, in place of Mr. Mehul Johnson, Indiabulls Real Estate said in an exchange filing.

Mehul Johnson resigned as managing director on Monday for personal reasons,