Indiabulls' share price witnessed strong intraday volatility on Tuesday, 25 August, with the stock hitting its upper circuit and erasing all gains after the company provided an update on its Gurugram project.
Indiabulls shares opened at ₹27, up from their previous close of ₹26.89, and jumped 5% to hit their upper price band of ₹28.23. However, the stock soon erased gains. Around 1:25 PM, the stock was down 0.41% to ₹26.78. At one point during the session, the stock was down nearly 2%.
The stock witnessed strong volatility after the company, in an exchange filing during the day, said it had entered into an understanding and agreement with a private landlord to undertake development management of a residential project proposed to be developed on approximately 10.84 acres on Dwarka Expressway, Gurugram.
The company said that phases 1 and 3 of the project have already received RERA registration, and the project is expected to be launched by mid October 2026.
The project has an estimated saleable area of 21 lakh sq. ft., with a gross development value (GDV) of around ₹3,700 crore. With this, the total GDV across the company's projects has increased to ₹27,308 crore, the company said.
Meanwhile, on 19 August, Indiabulls offered updates to exchanges on hearing in public interest litigation (PIL) against the promoter of the company, as the Supreme Court of India has ordered a Central Bureau of Investigation (CBI) probe into the allegations against Indiabulls Housing Finance (now Sammaan Capital) and its associated entities.
Indiabulls share price trend
Indiabulls shares are up 57% this year compared to a 9% decline in the equity benchmark Sensex.
Over a longer timeframe of two and three years, the stock has delivered multibagger returns of 152% and 146%, respectively.
Indiabulls shares hit a 52-week high of ₹32.50 on 14 July after hitting a 52-week low of ₹8.93 on 25 February.
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