Indiabulls Housing Finance Ltd 's shares fell as much as 9.6 per cent to Rs 405, their lowest since December 17, 2014.
The mortgage lender says it had noticed reports that a public interest litigation had been filed against the company and its promoters in Delhi Hight Court.
It clarified that the petition has not yet been filed in the High Court according to the website records of Delhi High Court, but has been leaked on social media.
Allegations in the litigation are the same as in the petition filed and subsequently withdrawn by Abhay Yadav in June, the company said.
Yadav's petition had alleged that about Rs 98,000 crore ($13.67 billion) had been siphoned out of the company by senior officials using a web of shell companies.
The company says it will fight petitioners of the current litigation in court. Indiabulls shares are down 47.5 per cent this year as of last close.
In a separate statement, builder DLF Ltd says “unfounded allegations” of a relationship between DLF group and Indiabulls group are “malicious”, and denied them.
As on date, DLF group has no exposure or investment in Indiabulls Group or any of its promoters' ventures, DLF said. But DLF shares tanked 7 per cent, marking the sharpest intra-day fall in over two weeks.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.