Business Standard

Shares of Indiabulls Group stocks tank, housing finance unit down by 30 pc


Shares of Indiabulls Group tanked in the morning trade on Monday with Indiabulls Housing Finance slumping by 30.16 per cent after the Delhi High Court agreed on Friday to hear a public interest litigation (PIL) alleging fund diversion and accounting irregularities by its promoters.
A two-judge bench led by Chief Justice D N Patel has issued a notice to Indiabulls Housing Finance, its promoters, the Reserve Bank of India (RBI) and the Ministry of Corporate Affairs for their response to be filed within two weeks.
The company had announced a plan in April to merge with Lakshmi Vilas Bank against which the RBI has initiated prompt corrective action after the Economic Offences Wing of Delhi Police began probing allegations of cheating and criminal breach of trust against its directors of the board.
At 12 noon, Indiabulls Housing Finance was trading 30.16 per cent down from its previous close at Rs 272 per share while Indiabulls Real Estate was trading at Rs 45.90 (down by 9.91 per cent), Indiabulls Ventures Ltd at Rs 123.75 (down by 19.98 per cent) and Indiabulls Integrated Services at Rs 129.65 (down by 4.98 per cent).

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First Published: Sep 30 2019 | 12:05 PM IST

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