June 13, 2019 / 5:42 AM / a year ago

Nifty, Sensex settle flat; Yes Bank top drag

A man walks past a new brand identity for Nifty Indices inside the National Stock Exchange (NSE) building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas

(Reuters) - Indian shares pared early declines to end steady on Thursday, aided by a rally in Indiabulls Housing Finance Ltd stock after a writ petition in the Supreme Court against the mortgage lender was withdrawn.

A criminal petition alleging that nearly 980 billion rupees ($14.10 billion) had been siphoned out of the company by senior officials was withdrawn. Indiabulls Housing stock closed 11.8% firmer after falling as much as 5.3% earlier in the session.

The benchmark BSE Sensex closed a tick lower at 39,741.36. The broader NSE Nifty ended 0.07% higher at 11,914.05.

Yes Bank Ltd settled 13.1% lower after UBS cut the Indian bank’s price target by nearly half and maintained “sell” rating.

Reporting By Arnab Paul in Bengaluru, Editing by Sherry Jacob-Phillips

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