'Loans outstanding as on date from NHB to Indiabulls Housing is zero,' the company said in a regulatory filing
'Loans outstanding as on date from NHB to Indiabulls Housing is zero,' the company said in a regulatory filing

Indiabulls Housing stock stumbles over 10% on alleged embezzlement of funds

  • A letter by Subramanian Swamy alleged that Indiabulls Housing Finance embezzled loans worth more than 1 lakh cr from NHB
  • Selling was also seen in other group stocks with Indiabulls Integrated Services dropping 4.97%, Indiabulls Real Estate falling 4.72% on BSE

New Delhi: Shares of Indiabulls Housing Finance plunged over 10 per cent on Monday amid allegations of embezzlement of more than 1 lakh crore from National Housing Bank (NHB).

The scrip tanked 10.44 per cent to close at 559 on the BSE. During the day, it tumbled 12.29 per cent to 547.40.

On the NSE, shares dropped 10.35 per cent to close at 559.70.

The company's market valuation fell by 2,785.61 crore to 23,901.39 crore on the BSE.

Selling was also seen in other group stocks with Indiabulls Integrated Services Ltd dropping 4.97 per cent, Indiabulls Real Estate falling 4.72 per cent and Indiabulls Ventures 4.68 per cent on the BSE.

In a filing to the BSE on Sunday, Indiabulls Housing Finance Limited with reference to Subramanian Swamy's letter dated 28 June being circulated in social media, alleging embezzlement of more than 1 lakh crore from NHB, said, "Loans outstanding as on date from NHB to Indiabulls Housing is zero."

It also added that Indiabulls Housing, in its history, has never taken any loan or refinancing facility from NHB.

The total loan book of Indiabulls Housing is approximately 87,000 crore, the filing added.

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

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