The share price of Indiabulls Housing Finance fell to a fresh 52-week low on BSE today after the company issued a clarification regarding the petition filed against the company and its promoters.
Indiabulls Housing Finance submitted a regulatory filing related to media reports suggesting a 'PIL against the company and its Promoter in Delhi High Court'.
The IBHFL stock opened 6.07% lower at Rs 420.70 against the previous close of Rs 447 on BSE. Later, the stock fell over 9.31% to an intraday low of Rs 406.2, also its fresh 52-week low on BSE. The lower price band of 10% circuit for the stock stands at Rs 403.15. Indiabulls Housing share price is trading lower than 5, 20, 50, 100 and 200-day moving averages.
Overall 11.6 lakh shares and 173.5 lakh shares changed hands on BSE and NSE, respectively. There were more sellers offering than buyers bidding for the stock, with reduced volume indicating a bearish trend.
IBHFL said," The petition hasn't yet been filed in the High Court as per the website records of Delhi High Court, but has been leaked in the social media with malicious intent and vested interests to create turbulence in the stock price of the Company and fulfil ulterior motives."
"The purported PIL admits that the allegations are the same as in the petition of earlier petitioner Abhay Yadav which was subsequently withdrawn," the filing said adding that, "similar complaints with exactly similar allegations have already filed under various individual names in July 2019".
The filing further stated, "Petitioners have deliberately chosen the route of PIL 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 Laxmi Vilas Bank".
As of 1245 IST, the stock price of Indiabulls Housing Finance was trading 3.20% lower at Rs 433 on BSE and NSE.
By Rupa Burman Roy