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Indiabulls Shares Plunge as Delhi HC Seeks Centre, RBI's Reply on Plea for Probe into 'Fund Misuse'

Indiabulls Real Estate declined 10%, Indiabulls Housing Finance Ltd was down 6.4%, and Indiabulls Ventures Ltd plunged 16%.

PTI

Updated:September 27, 2019, 3:46 PM IST
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Indiabulls Shares Plunge as Delhi HC Seeks Centre, RBI's Reply on Plea for Probe into 'Fund Misuse'
Image for Representation. (Photo: indiabullsrealestate.com)

New Delhi: The Delhi High Court Friday sought the response of the Centre and the RBI on a plea seeking an SIT investigation into the alleged illegalities, siphoning of funds and violations committed by the promoters of Indiabulls Housing Finance Ltd (IBHFL).

A bench of Chief Justice D N Patel and Justice C Hari Shankar issued notice to the central government, Reserve Bank of India and Indiabulls seeking their stand on the petition filed by an NGO.

The court listed the matter for further hearing on December 13.

Shares of companies associated with Indiabulls Group plunged on Friday after Delhi High Court admitted petitions to probe Indiabulls Housing. Indiabulls Real Estate declined 10%, Indiabulls Housing Finance Ltd was down 6.4%, and Indiabulls Ventures Ltd plunged 16%.

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