Shares of Indiabulls Housing Finance crashed 10 per cent today amid reports that the Enforcement Directorate (ED) has moved the Supreme Court to challenge the Delhi High Court’s order ruling out a probe against the home finance company. The stock tanked up to 9.97 per cent to Rs 121.85 in early trade, its biggest single day decline since May 11, 2022, against the previous close of Rs 135.35 on BSE.
Indiabulls Housing Finance stock has fallen after three days of consecutive gain. The stock opened with a loss of 2.51 per cent at Rs 131.95. At 12:41 pm, the stock was trading 6.10 per cent lower at Rs 127.10 on BSE.
The share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. The share hit a 52-week high of Rs 282.60 on December 16, 2021, and 52 week low of Rs 89 on July 6, 2022. Market cap of the firm fell to Rs 6,005 crore on BSE. Total 17.56 lakh shares of the firm changed hands amounting to a turnover of Rs 22.07 crore.
ED will seek continuation of probe against the company by setting aside of Delhi HC order in the Supreme Court.
In March 2022, the Enforcement Directorate (ED) conducted raid at Indiabulls Finance Centre in Mumbai. The raid was conducted by a joint team from ED Delhi and Mumbai. The ED had registered a case against Indiabulls Housing Finance and its promoters in April 2021. The raids were conducted as part of Enforcement Case Information Report (ECIR) registered by ED under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing Finance promoter Sameer Gehlaut and some other related companies and individuals.
In mid-March this year, Sameer Gehlaut resigned from the post of company’s Non-Executive Director.
The case was registered on the basis of an FIR filed in Palghar which said that Indiabulls Housing Finance siphoned money and invested it in its own shares for increasing the prices. The complainant mentioned the real estate companies which had taken loans from Indiabulls Housing Finance and routed money back into its shares in the FIR.
