For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Indiabulls Housing Finance Shares Sink 39%; Touches 52-Week Low

|

After RBI revoked Lakshmi Vilas Bank and put it under the PCA (Prompt Corrective Action) framework which puts restrictions on its operations, shares of Indiabulls Housing Finance have come under pressure. In Monday's session, the stock sank by 38.5 percent to hit an intraday low of Rs 240.05 on NSE.

In April, Lakshmi Vilas Bank announced its plans to merge its operations with IBHF in a share swap deal.

Indiabulls Housing Finance Shares Sink 39%; Touches 52-Week Low
 

The stock is showing such turbulence as investors remain cautious of its likely merger with Lakshmi Vilas Bank which has been alleged to engage in malpractices. The RBI has put it in PCA owing to high NPAs, insufficient capital and a negative return on assets.

The further slump in share prices comes amid reports that the Delhi High Court has agreed to hear a plea seeking probe against IBHF for allegedly advancing dubious loans, misappropriation and diversion of funds to the promoters of the company. On Friday, HC issued notices to IBHF, SEBI, RBI and other respondents in public interest litigation (PIL) seeking a probe into the mortgage lender.

GoodReturns.in

Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more