New Delhi: The share price of Indiabulls Housing Finance Ltd tanked a massive 34 percent today to close at Rs 255.50. The company was to be merged with Lakshmi Vilas Bank which is now facing Prompt Action Plan by Reserve Bank of India and investors are skeptical of the merger now.
The previous close of the company was Rs 389.45. The market also reacted to the fact that Delhi High Court will look into the allegations of siphoning of money and various other financial irregularities alleged in a Public Interests Litigation filed against the company.
The share price of Indiabulls Real Estate Ltd too went down sharply to close at Rs 45.90, almost 10 percent lower than the previous close. The previous close was Rs 50.95.