Stocks

Indiabulls Housing Finance shares plunge over 13%

PTI New Delhi | Updated on March 09, 2020

Shares of Indiabulls Housing Finance on Monday tripped over 13 per cent after the company said it had an exposure of ₹662 crore in the form of bonds to Yes Bank and it has no term loans outstanding from the lender.

On the BSE, the stock plunged 12.85 per cent to ₹221.70. It fell 13.18 per cent to ₹220.95 on the NSE.

“Yes Bank owes to Indiabulls Housing Finance ₹662 crore via additional tier 1 (AT-1) bonds,” according to a regulatory filing.

The investments in AT-1 bonds of Yes Bank were made in 2017, as part of its treasury management of over ₹20,000 crore of cash and when the bank was worth over $10 billion in value, the filing said.

Sameer Gehlaut, promoter of Indiabulls Housing Finance, or any of his companies or any of his family member companies have no loans outstanding from Yes Bank, the non-banking finance company said further.

The statement from Indiabulls Housing comes amid arrest of Yes Bank co-founder and former CEO Rana Kapoor, on alleged money laundering charges and that the loans by the lender to DHFL turned sour.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on March 09, 2020
This article is closed for comments.
Please Email the Editor