Shares of Indiabulls Housing Finance rose nearly 12 per cent Thursday after a petition alleging misappropriation of funds was withdrawn from the Supreme Court.
The company's scrip jumped 11.78 per cent to close at Rs 694.30 on the BSE. During the day, it climbed 12.64 per cent to Rs 699.70.
At the NSE, shares zoomed 11.85 per cent to close at Rs 694.70.
In terms of traded volume, 34.28 lakh shares were traded on the BSE and 4.85 crore shares on the NSE during the day.
Indiabulls Housing Finance Ltd (IBHFL) shares dropped 8 per cent Tuesday following allegations of siphoning off Rs 98,000 crore of public money. The scrip declined nearly 8 per cent the following day also.
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In a big relief to IBHFL, the petitioner who had approached the Supreme Court alleging misappropriation of funds, withdrew the plea on Thursday, the company said.
The petition now withdrawn alleged that IBHFL misappropriated Rs 98,000 crore of public money, a claim termed "frivolous and bizarre" by the company, which had sought urgent hearing in the matter.
In an affidavit, Abhay Yadav, the petitioner, claimed that he is not "aware of the contents and allegations mentioned in the complaints or the petition", IBHFL said in a statement.
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