Shares in IndiaBulls Housing fell as much as 8 per cent, even after the company issued a clarification on a writ petition being filed in the Supreme Court against Sameer Gehlaut for siphoning of Rs 98,000 crores.
"The total loans on the books of Indiabulls Housing are approx Rs 90,000 crores. The allegation of siphoning-off Rs 98,000 crores is bizarre," the company said in a regulatory filing.
IndiaBulls Housing said that a racket of blackmailers has been trying to extort money from Indiabulls over the last two months threatening to write complaints to various government departments alleging siphoning off of Rs 55,000 crore if Rs 10 crore was not paid to them, following which the company filed an FIR in June.
Meanwhile, shares in other Indiabulls group companies also fell. For example, IndiaBulls Real Estate lost as much as 6 per cent, while Indiabulls Ventures fell 5 per cent.
Many investors feel that the stock of IndiaBulls Housing may suddenly turn attractive, give that the dividend yield on the shares is now close to 6 per cent.
However, sentiments continue to remain sour for many companies, where there are needless allegations or where there are worries of mounting debt. The share damage in some cases is collosal.