Indiabulls Housing Finance Slumps To Lowest Level In 5 Years. Here's Why ndtv.com

Shares of the Gurugram-based mortgage lender – Indiabulls Housing Finance – slumped as much as 38.34 per cent, its biggest intraday fall since listing in 2013, to Rs. 240.15 on the BSE, also its lowest level since April 2014. The Delhi High Court accepted a public interest litigation filed against the company for alleged irregularities, violations and siphoning of funds on Friday. Meanwhile, analysts also said that its proposed merger with Lakshmi Vilas Bank (LVB) is also stuck in limbo after the Reserve Bank of India placed LVB under its Prompt Corrective Action (PCA) framework.
The Reserve Bank of India (RBI) initiated prompt corrective action (PCA) proceedings against Lakshmi Vilas Bank, a day after the private lender said that the Economic Offences Wing of Delhi Police is probing allegations of cheating and criminal breach of trust against its directors.