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Indiabulls Housing Finance share price hits fresh 52-week low after firm files complaint over fake news

Indiabulls Housing Finance has filed a criminal complaint with the Mumbai police against certain people who have allegedly been spreading false news about the company

twitter-logo BusinessToday.In        Last Updated: October 17, 2019  | 12:32 IST
Indiabulls Housing Finance share price hits fresh 52-week low after firm files complaint over fake news
Indiabulls Housing share trades lower than its 5, 20, 50, 100 and 200-day moving averages

Indiabulls Housing Finance share price fell to a fresh 52-week low of Rs 167.35 on BSE today, after the company filed a criminal complaint against accused persons for spreading false news against the housing lender.

Shares of Indiabulls Housing Finance opened lower at Rs 169.80 against the last closing of Rs 172.90 on BSE. The stock later fell 4.96% and made a low of Rs 165.95, also its 52-week low.  Shares of Indiabulls Housing Finance have depleted 80% year-to-date and over 55% in the last five years of trade.

The stock of face value of Rs 2 has underperformed the sector by 0.7% today. Indiabulls Housing share trades lower than its 5, 20, 50, 100 and 200-day moving averages.

Indiabulls Housing Finance has joined the list of companies taking legal action against spreading of rumours and misinformation and informed the exchanges today that it has filed a criminal complaint with the Mumbai police against certain people who have allegedly been spreading false news about the company.

The complaint states that accused persons have hatched a pre-planned criminal conspiracy with intent to cause wrongful loss to Indiabulls Housing Finance Limited its shareholders and investors. It further read that the accused persons operate from different parts of the country and since they are aware of the impending false, malicious messages, they create sell positions in the shares of Indiabulls, few days prior to release /publish of false & frivolous tweets, messages etc. on social media and seek unlawful gain for themselves.

In another developement, CRISIL, the global analytical company, changed ratings long term ratings outlook of Indiabulls Housing Finance (IBHF) and Indiabulls Commercial Credit (ICCL) (its wholly owned subsidiary) from 'Watch Developing' to 'Negative', citing fund raising challenges.

Crisil said," The long-term ratings have been assigned 'Negative' outlook on account of possibilities of funding access challenges continuing due to the non- fructification of the proposed merger with Lakshmi Vilas Bank, CRISIL said. The outlook also reflects the potential impact on the financial flexibility of the company due to the recent sharp fall in its equity price."

Later by 10: 00 am, the share recovered from losses to trade marginally flat at Rs 170.'

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