Indiabulls group shares nosedive before recovering

MUMBAI: Shares of Indiabulls group companies fell sharply during the early trade on Wednesday while its subsidairy company Indiabulls Real Estate was locked in the lower circuit.

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Shares of Indiabulls Housing Finance finsihed 8.48 per cent lower at Rs 558 each after falling nearly 18 per cent, hitting an intra-day low of 500.20.

Indiabulls Real Estate was locked in the lower circuit, hitting a low of Rs 89.80 apiece but recoverd to settle just 1.74 per cent down at Rs 110.30 a share.

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Indiabulls Venture also finished lower by 4.14 per cent to Rs 250.10 a share.

Earlier in June, a plea was filed in the Supreme Court seeking legal action against Indiabulls Housing Finance, its Chairman Sameer Gehlaut and the directors of the company for alleged misappropriation of public money.

The petition alleged that thousands of crores of rupees were siphoned off by Gehlaut and the directors of the firm for their personal use.

Indiabulls Housing Finance later informed that Abhay Yadav, the petitioner, had withdrawn his writ petition from the Supreme Court.


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