Indiabulls Housing soars 9% on withdrawal of criminal petition against company

A criminal writ petition filed on June 10 in the Supreme Court, alleging that about $14 billion had been siphoned out of the company by senior officials using a web of shell companies.

Shares of Indiabulls Housing soared more than 9 percent intraday on June 13 after a writ petition alleging financial misdeeds against the mortgage lender was withdrawn.


A criminal writ petition filed on June 10 in the Supreme Court, alleging that about $14 billion had been siphoned out of the company by senior officials using a web of shell companies.

The company said on June 12 the petitioner had admitted in court that the petition was defective in nature and that he would approach the court after rectifying it.

At 1426 hrs, Indiabulls Housing was quoting Rs 679, up 9.31 percent on the BSE.

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