Indiabulls Housing Finance drops 10% on Swamy’s fraud allegation

Reuters | | Updated on: Jul 29, 2019

The shares of Indiabulls Housing Finance Ltd fall as much as 10 per cent to Rs 562.

Subramanian Swamy, BJP MP, in a tweet said that he has sent letter to Prime Minister Narendra Modi, accusing Indiabulls of fraud worth more than Rs1 lakh crore ($14.5 billion).

Also read:Indiabulls HFL rejects Swamy's charge of embezzling ₹ 1 lakh cr from NHB

He said that Indiabulls and its associates formed more than 100 shell real-estate firms to take loans from state-owned National Housing Bank (NHB) and re-allot or siphon it off to other real-estate companies in multiple states in the range of Rs 30 crore to Rs 1,000 crore.

The company rejected in a statement, highlighting outstanding loans, as on July 28, from NHB to Indiabulls as zero. The stock down 27 per cent this year, as of last close.

($1 = 68.9200 Indian rupees).

Published on July 29, 2019
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