June 11, 2019 / 5:08 AM / a month ago

BUZZ-Indiabulls Housing falls after writ filed against chairman; co says allegation 'bizarre'

** Shares of mortgage lender Indiabulls Housing Finance Ltd fall as much as 8.58% to 671.25 rupees after a writ was filed on Monday in India’s Supreme Court against Chairman Sameer Gehlaut for allegedly siphoning 980 bln rupees ($14.11 bln)

** Co called the allegation "bizarre" as total loans on its books are about 900 bln rupees, it said in a statement here

** The mortgage lender claims that racket of blackmailers threatened to write complaints to various govt departments alleging siphoning off 550 bln rupees by the co if they weren’t paid 100 mln rupees

** Indiabulls stock hits lowest since May 14

** About 3 mln shares change hands, compared with the 30-day average of 3.2 mln shares

** As of last close, stock down 14.1% ($1 = 69.4450 Indian rupees) (Reporting by Harish Bhaskar in Bengaluru)

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