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Indiabulls Housing Finance shares tank 8% amid allegations of siphoning off funds

Wednesday, June 12, 2019

Shares of Indiabulls Housing Finance Ltd (IBHFL) dropped 8% yesterday following allegations of siphoning off Rs 98,000 crore of public money. The scrip plunged 7.97% to close at Rs 674.65 on the BSE. During the day, it tumbled 8.77% to Rs 668.70. On the NSE, shares of the company tanked 8% to close at Rs 674.15. As many as 25.70 lakh shares of the company were traded on the BSE, while over three crore shares changed hands on the NSE.

A plea was filed in the Supreme Court Monday seeking legal action against IBHFL, its chairman and directors for alleged misappropriation of Rs 98,000 crore of public money. Terming the allegations as "bizarre", IBHFL Monday said the writ petition filed in the apex court is an attempt to "malign" the company's reputation and create hurdles in its merger with Lakshmi Vilas Bank.

"The total loans on the books of IBHFL is approx Rs 90,000 crore. The allegations of siphoning off Rs 98,000 crore is bizarre," IBHFL said in a statement.

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