September 6, 2019 / 5:32 AM / 10 days ago

BUZZ-Indiabulls Housing Finance plunges on reports of litigation against co

(Adds DLF shares)

** Indiabulls Housing Finance Ltd’s shares fall as much as 9.6% to 405 rupees, lowest since Dec 17, 2014

** Mortgage lender says it had noticed here reports that a public interest litigation had been filed against co and its promoters in Delhi Hight Court

** Clarifies that petition not yet filed in the High Court as per the website records of Delhi High Court, but has been leaked on social media

** Allegations in the litigation are the same as in the petition filed and subsequently withdrawn by Abhay Yadav in June, co says

** Yadav’s petition had alleged that about 980 bln rupees ($13.67 bln) had been siphoned out of the company by senior officials using a web of shell companies

** Co says will fight out petitioners of current litigation in court

** Indiabulls shares down 47.5% this year as of last close

** In separate statement, builder DLF Ltd says “unfounded allegations” on relationship between DLF group and Indiabulls group are “malicious”, denies them

** As on date, DLF group has no exposure or investment in Indiabulls Group or any of its promoters’ ventures, DLF says

** But DLF shares tank 7%, mark sharpest intraday fall in over two weeks

$1 = 71.6950 Indian rupees Reporting by Chris Thomas in Bengaluru

0 : 0
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