Moneycontrol
Get App
Last Updated : Jun 12, 2019 08:35 PM IST | Source: Moneycontrol.com

Indiabulls Housing sinks 8% after it moves SC challenging misappropriation allegations

In last 15 days, the stock corrected 24 percent and plummeted 73 percent in one year period.

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

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.

Close

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)

India Union Budget 2019: What does Finance Minister Nirmala Sitharaman have up her sleeve? Click here for top and latest Budget news, views and analyses.
First Published on Jun 12, 2019 03:36 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant