Shares of Indiabulls Group companies reversed intraday gains after Delhi High Court adjourned Citizen Whistle Blower Forum public interest litigation against Indiabulls Housing Finance to 28 February 2020.
Earlier in the day, Indiabulls Housing Finance (IBHFL) spurted after the Ministry of Corporate Affairs (MCA) on Thursday, 28 September 2019, found no irregularities in loans extended by IBHFL to five companies, as alleged by a Public Interest Litigation (PIL). In September, the petitioners had alleged in the PIL that the loans were given to shell companies. The company had refuted the allegations in the Court and had submitted documentary proofs and bank statements with respect to these loans. Subsequently, the court had issued a perjury notice to the petitioners
Indiabulls Housing Finance fell 13.12% to end at Rs 290.35. The stock rose as much as 12.75% to hit the day's high of Rs 376.80 in morning trade. It later corrected as much as 16.40% to hit the day's low of Rs 279.40 in mid-afternoon trade.
Indiabulls Real Estate was locked in a lower circuit of 5% at Rs 68. Indiabulls Ventures fell 3.88% to Rs 171.05. Indiabulls Integrated Services was locked in an upper circuit of 5% at Rs 71.65.
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