Indiabulls Housing Finance shares tank 10 pc amid reports of PIL against co

New Delhi: Shares of Indiabulls Housing Finance on Friday dropped nearly 10 per cent amid reports that a public interest litigation has been filed against the company and its promoters.

The scrip tumbled 9.31 per cent to Rs 406.20 -- its 52-week low -- on the BSE. On the NSE, it cracked 9.58 per cent to its one-year low of Rs 405.

In a BSE filing, Indiabulls said it has come to its notice through media reports that a public interest litigation (PIL) has been filed against Indiabulls Housing Finance and its promoters in Delhi High Court.

"The petition has not yet been filed in the High Court as per the website records of Delhi High Court, but has been leaked in the social media with malicious intent and vested interests to create turbulence in the stock price of the company and fulfil ulterior motives," the company said on Friday.

The purported PIL admits that the allegations are the same as in the petition of earlier petitioner Abhay Yadav which was subsequently withdrawn. According to the company, Yadav had admitted that the allegations against the company were based on false, incorrect and twisted data; and that he had filed the petition at the behest of the mastermind of the blackmailing racket who was then subsequently arrested and is currently in jail.

Instead of going to the right forums of various regulatory agencies and making the complaint where eight similar complaints with similar allegations were already filed under various individual names in July 2019, the petitioners have deliberately chosen the route of PIL to attract attention and play into the hands of blackmailers and corporate rivals at a sensitive time of merger process of Indiabulls Housing Finance and Lakshmi Vilas Bank, the filing said.

It further added that for the past three months, the company is already undergoing various inspections and scrutiny of all the different regulators as a part of the merger process. "The company is determined to fight out the petitioners in the court," it added.