In last 15 days, the stock corrected 24 percent and plummeted 73 percent in one year period.
Indiabulls Housing Finance shares continued to be under pressure on June 12 as it fell nearly 8 percent to close at Rs 621 after the company moved the Supreme Court seeking urgent listing of a plea filed against it in which it has been alleged that the company misappropriated Rs 98,000 crore of public money.
The fall was in addition to 8 percent correction seen in the previous session.
In the last 15 days, it has corrected 24 percent and has plummeted 73 percent in one year period.
The company moved the Supreme Court seeking an urgent listing of a plea filed against it in which it has been alleged that the company misappropriated Rs 98,000 crore of public money.
Senior advocate A M Singhvi, appearing for the company, mentioned the matter for urgent listing before a vacation bench comprising justices Indira Banerjee and Ajay Rastogi.
Singhvi told the bench that frivolous allegations have been levelled against the company in the petition and the plea was leaked to the media.
He said that due to the media reports regarding filing of the petition against the company, IHFL, has incurred a loss of around Rs 7,000 crore of its market share.
The bench said it would take a decision during the course of the day about the listing of the plea.
"The total loans on the books of company are approximately Rs 90,000 crore. The allegation of siphoning off of Rs 98,000 crore is bizarre," Indiabulls Housing Finance said in its filing on June 10.(With inputs from PTI)Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.