Indiabulls Housing shares ended 5% lower, due to reports of a PIL filed against the company, which it termed was done with “malicious intent and vested interests” to upset the stock price of the company
Amid reports that a public interest litigation has been filed against the company and its promoters, shares of Indiabulls Housing Finance on Friday ended 5% lower
The scrip closed at Rs 425.75 on the BSE, down 4.95%. During the day, it dropped 9.31% to Rs 406.20, its 52-week low.
At the NSE, shares declined 4.56% to close at Rs 427.50.
In terms of traded volume, 22.10 lakh shares were traded on the BSE, while over three crore shares traded on the NSE during the day.
Indiabulls Housing, in a BSE filing on Friday, said it has come to its notice through media reports that a public interest litigation (PIL) has been filed against the company and its promoters in Delhi high court.
Also read: JSW Steel's Rs 19,700 crore bid for Bhushan Power and Steel approved by NCLT
The company stated that as per the website records of Delhi high court, the petition had not yet been filed yet. It also added that it has, however, been leaked on social media with “malicious intent and vested interests” to upset the stock price of the company among ulterior motives.
The filing also stated that the petitioners have deliberately chosen the route of PIL instead of going to the right forums of various regulatory agencies and making the complaint where eight similar complaints with similar allegations were already filed under various individual names in July 2019. The filing said that the PIL route was chosen to attract attention and play into the hands of blackmailers and corporate rivals at a sensitive time of merger process of Indiabulls Housing Finance and Lakshmi Vilas Bank.
It further added that for the past three months, the company is already undergoing various inspections and scrutiny of all the different regulators as part of the merger process.
It stated that was determined to fight out the petitioners in court.
Also read: Minister of state finance Anurag Thakur responds to ‘demonetisation’ heckle at ACMA event
With PTI inputs
Read Exclusive COVID-19 Coronavirus News updates, at MyNation.