(Photo: Bloomberg)
(Photo: Bloomberg)

Indiabulls Housing Finance tanks 8% amid allegations of siphoning off funds

  • The scrip plunged 7.97% to close at 674.65 on the BSE
  • On the NSE, shares of the company tanked 8% to close at 674.15

New Delhi: Shares of Indiabulls Housing Finance Ltd (IBHFL) dropped 8% Tuesday following allegations of siphoning off 98,000 crore of public money.

The scrip plunged 7.97% to close at 674.65 on the BSE. During the day, it tumbled 8.77% to 668.70.

On the NSE, shares of the company tanked 8% to close at 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 on Monday seeking legal action against IBHFL, its chairman and directors for alleged misappropriation of 98,000 crore of public money.

Terming the allegations as "bizarre", IBHFL on 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 90,000 crore. The allegations of siphoning off 98,000 crore is bizarre," IBHFL said in a statement.

This story has been published from a wire agency feed without modifications to the text.

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