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Indiabulls Housing shares climb 21% as RBI finds no violations in lending operations

Shares of Indiabulls Housing Finance opened higher and traded as the top gainer on BSE, rising 9.99%. Later, the shares touched an intraday high of Rs 339.2, rising 60 points or 21.45% against the previous closing of Rs 279.20.

twitter-logoBusinessToday.In | March 2, 2020 | Updated 13:18 IST
Indiabulls Housing shares climb 21% as RBI finds no violations in lending operations
Indiabulls Housing stock has gained after 6 days and traded in a wide range of Rs 31.55 on Monday

Shares of Indiabulls Housing Finance traded as the top gainer on BSE, rising 21% intraday in Monday's trading session after the firm said apex bank RBI has found no violations of any nature or kind regarding the housing finance company.

Shares of Indiabulls Housing Finance opened higher and traded as the top gainer on BSE, rising 9.99%. Later, the shares touched an intraday high of Rs 339.2, rising 60 points or 21.45% against the previous closing of Rs 279.20.

Indiabulls Housing stock has gained after 6 days and traded in a wide range of Rs 31.55 on Monday.

IBHF stock price trades higher than 20 and 100-day moving averages but lower than 5 and 200-day moving averages. Indiabulls Housing share price has moved above its 30 and 50-day simple moving average today. Market capitalisation of the mid-cap stock stood at 11,959 crore.

Stock of the housing finance company (HFC) has gained 13.37% in one month and 0.72% year-to-date. It has fallen 4.67% in one week and 53% in one year. Volume-wise, 13.61 lakh and 234.99 lakh shares were trading on BSE and NSE counters, respectively.

As per the filing submitted on March 28 2020, RBI has submitted its affidavit in the court in the PIL matter, that highlights details of loans taken by the borrowers mentioned in PIL and the repayment dates of such loan.

"The RBI affidavit has mentioned no violations of any nature or kind regarding Indiabulls Housing Finance," the filing added.

The RBI affidavit further stated that "The Writ Petition is not maintainable either on facts or law as against this Respondent, the Reserve Bank of India, and hence liable to be dismissed as such."

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