Indiabulls Housing Finance Shares Surge 45% In Three Days

Shares of Indiabulls Housing Finance rose for the third consecutive day on Friday, climbing 45 percent in the period.

On Friday alone, the stock saw a 12.5 percent increase to Rs 376.70 after the company informed the exchanges that the Ministry of Corporate Affairs (MCA) has found no irregularities in loans it extended to five companies, as alleged by a Public Interest Litigation (PIL).

On Thursday, the company said that MCA has filed an affidavit in Delhi Court, that said, "As far as the loans given by Indiabulls Housing to five companies, viz, DLF, Amricorp, Vatika, ADAG and Chordia which are the subject matter of the instant Writ Petition, the report states that loans given to Amricorp, ADAG and DLF have been repaid and loans given to other two entities viz Vatika and Chordia reported to be Standard Accounts. Remaining issues/violations reported in the inspection report are under examination and same will be dealt as per law."

On 6 September, a non-government organisation, Citizens Whistle Blower Forum (CWBF), had filed a petition that alleged that the Indiabulls group misappropriated thousands of crores of rupees through complex transactions.