Why Indiabulls Housing Finance stock fell 12% today

Indiabulls Housing Finance share slipped over 12% today after founder and promoter Sameer Gehlaut said he would resign from the company's board by the end of this fiscal. Gehlaut also offloaded nearly 12 per cent stake in the firm through promoter companies to make it a fully professionally managed entity.

Stock of Indiabulls Housing Finance tanked 12.42% to Rs 222.70 against the previous close of Rs 254.30 on BSE. Earlier, the stock opened lower at Rs 253.10.

The share trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.

The share has gained 16% in one year and risen 8% since the beginning of this year. Total 37.67 lakh shares of the firm changed hands amounting to a turnover of Rs 90.04 crore on BSE.

Market cap of the company fell to Rs 11,005 crore on BSE. The stock hit 52-week high of Rs 313.50 on June 16, 2021 and 52 week low of Rs 154.30 on April 4, 2021.

"I have sold 11.9 per cent in the company with a view to make the company a fully professionally managed and run company. With this sale, I and my promoter companies now own 9.8 per cent of the company. I intend to hold these shares and participate in the future growth story of the company," Indiabulls Housing Finance quoted Gehlaut as saying in a regulatory filing.

 In a letter sent to the board members of the company, Gehlaut said ever since going public in September 2004 at Rs 19 per share, Indiabulls Housing Finance has been a "fabulous success story".