India Bulls Group shares stocks: E.Bulls How. Fi. 40 percent broke in two days

Mumbai, Ta. September 30, 2019, Monday

Shares of Indiabulls Housing Finance fell for the second consecutive day. Shares of group companies rose sharply on Friday after the Delhi High Court decided to investigate a PIL by an NGO alleging financial misconduct, mismanagement of funds and other violations by promoters of the company in Indiabulls Housing Finance.

Shares of Indiabulls Housing Finance Ltd. were down 34.39%, or Rs133.95, to Rs 255.50, Indiabulls Ventures Ltd. 19.98% or Rs30.90 to Rs123.75, Indiabulls 19.14.25.24.25.25 per cent. Rs.57.20, Indiabulls Real Estate Limited was down 9.91 percent, or Rs 5.05, to Rs 45.90.

Indiabulls integrated services were down 4.98 percent, or Rs 6.80, to Rs 129.65. While Lakshmi Vilas Bank was down five per cent, it was Rs 1.80, at Rs 34.75.

The stock of Indianbulls Group companies saw pressure on the Lakshmi Vilas Bank, which was planning to merge with Indiabulls Housing Finance last week, after the Reserve Bank of India laid down a promising cooperative action (PCA).

Notably, Chief Justices DN Patel and Justice C.K. Hari Shankar issued notice to the Central Government, Reserve Bank of India and Indiabulls seeking their opinion in a petition filed by the NGO, the PTI reported.

The court also dismissed Samir Gehlot, 13, the founder and chairman of the Securities and Exchange Board of India (SEBI), the National Housing Bank (NHB), the Sirius Fraud Investigation Office (SIFO), the Registrar of Companies (ROC) and Indiabulls Group. I have asked them to reply till now.

The bench decided to issue notices after hearing brief arguments from senior representatives of the company, senior advocates Mukul Rohatgi and Abhishek Manu Sanghvi and NGOs on whose behalf Prashant Bhushan was present.

During the arguments, the NGO Citizens Whistleblower Forum told the court that the so-called loan of Rs 4600 crore was paid by Indiabulls to various hollow-shell companies and the money from these loans was returned to the promoters through other companies.