Indiabulls Group companies fall as court agrees to hear petition

Mumbai: Shares of Indiabulls Group companies nosedived on Friday after news report suggested that the Delhi High Court admitted petitions to probe Indiabulls Housing.

Indiabulls Real Estate declined 10%, Indiabulls Housing Finance Ltd was down 6.4%, and Indiabulls Ventures Ltd plunged 16%.

The petition alleged that Indiabulls Housing gave “dubious loans” worth billions of rupees to shell companies through firms owned by the group’s founders “to increase their personal wealth.”

On 10 June, a plea was filed in the Supreme Court seeking action against Indiabulls Housing Finance promoter Sameer Gehlaut and other directors for alleged misappropriation of public money. However, on 13 June, Abhay Yadav, the petitioner, withdrew the writ petition. In an affidavit, Yadav said he was not aware of the contents and allegations mentioned in the complaints or the petition, according to Indiabulls.

Bloomberg contributed to this story