Trade Nivesh | Indiabulls Housing falls after writ filed against chairman; calls allegation 'bizarre'
Shares of mortgage lender Indiabulls Housing Finance fell as much as 8.58 per cent to Rs 671.25 after a writ was filed on Monday in the Supreme Court against Chairman Sameer Gehlaut for allegedly siphoning Rs 98,000 crore ($14.11 billion).
IB Housing Finance called the allegation "bizarre" as total loans on its books are about Rs 90,000 crore, it said in a statement.
The mortgage lender claimed that a racket of blackmailers threatened to write complaints to various govt departments alleging siphoning of Rs 55,000 crore by the company if they weren't paid Rs 10 crore.
Indiabulls Housing stock hit their lowest since May 14.
About 3 million shares changed hands, compared with the 30-day average of 3.2 million shares.
As of last close, stock was trading down 14.1 per cent.
Shares of mortgage lender Indiabulls Housing Finance fell as much as 8.58 per cent to Rs 671.25 after a writ was filed on Monday in the Supreme Court against Chairman Sameer Gehlaut for allegedly siphoning Rs 98,000 crore ($14.11 billion).
IB Housing Finance called the allegation "bizarre" as total loans on its books are about Rs 90,000 crore, it said in a statement.
The mortgage lender claimed that a racket of blackmailers threatened to write complaints to various govt departments alleging siphoning of Rs 55,000 crore by the company if they weren't paid Rs 10 crore.
Indiabulls Housing stock hit their lowest since May 14.
About 3 million shares changed hands, compared with the 30-day average of 3.2 million shares.
As of last close, stock was trading down 14.1 per cent.
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