The shares of Indiabulls Housing Finance plunged 20 percent on Friday after the Ministry of Corporate Affairs (MCA) noted certain violations emerging from the inspection report
At 2:34 pm, the share price was trading 15.09 percent or 50 points lower at Rs 284.25 per share on the NSE while on an intraday basis, the shares plunged 20 percent to Rs 268.10.
The Delhi High Court adjourned the matter to February 28.
The Court refused to pass any interim orders on the PIL that was filed by the Indiabulls Group, said the latest developments.
MCA also noted that certain violations have emerged from the inspection report.
In defense, the company said, "The business has shut down. We are not able to advance loans to entities in need of credit. The PIL should not be allowed to come in the way of regular business operations."
Foreign brokerage firm CLSA retained a 'buy' on the stock with a target price at Rs 450 against Rs 350 and said that clarity on court case can lend relief to the company.
The whole issue with the country's biggest real estate lender began when a PIL was filed alleging Indiabulls Group is involved in round-tripping of funds.
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First Published: IST