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Indiabulls Housing Finance Crashes 9% On Allegations Of Rs. 1 Lakh Crore Fraud

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The housing finance major in intra-day trade today has cracked by 9% to hit an intra-day low of Rs. 577.50 on the BSE.

As per a leading business daily report, BJP leader Subramanian Swamy has sent a letter to PM Modi, alleging the company of a fraud of Rs. 1 lakh crore from National Housing BanIn a notice to the stock exchanges, IBHFL sad: We wish to highlight the following facts regarding the same: Loans outstanding as on date from NHB to Indiabulls Housing is zero.

 

"Indiabulls Housing, in its history, has never taken any loan or refinancing facility from NHB. The total loan book of Indiabulls Housing is approximatey. ₹ 87,000 crores."

Also after the liquidity crisis hit the NBFC sector, Indibulls Housing Finance has sought merger with Lakshmi Vilas Bank.

In the letter, dated June 28, 2019, written to the Prime Minister, Swamy alleged: "I wish to inform you that IBHFL and its associates...is heading now for a financial collapse and bankruptcy...."

. On the same, the company denies any such wrongdoing.

Indiabulls Housing Finance Crashes 9% On Allegations Of Fraud

The stock of Indiabulls Housing Finance was last quoting at Rs. 582.45, down 6.68%on the BSE.

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