The stock, which is trading at its lowest level since March 2014, has seen its market capitalisation fall below Rs 10,000 crore-mark in past two weeks.
On Wednesday evening, the Reserve Bank of India quashed a proposed merger of Indiabulls Housing Finance Ltd., one of the country's largest real-estate lenders, with Lakshmi Vilas Bank Ltd
The tax department is probing overseas investments carried out by Gehlaut and his family trusts
Indiabulls MF saw its average asset size shrink 50 per cent; PGIM India MF and IDBI MF saw around 20 per cent reduction
That has erased almost half of the surge sparked by the Sept 20 announcement of a landmark corporate tax cut
As lenders stop new credit, builders are forced to offload properties
Das explained placing a lender under PCA framework is normal with lot of precedents
The S&P BSE Sensex Index posted its third day of losses on Tuesday, ending a surge since the Sept 20 announcement of the tax cuts
The development represents an effort to get out ahead of recent headlines that contributed to its share price losing an unprecedented 34% slump on Monday. Shares rebounded 5% on Tuesday
Thus far in financial year 2019-20 (FY20), the market value of Indiabulls group companies have underperformed the market by falling in the range of 53 per cent to 74 per cent.
The RBI placing Lakshmi Vilas Bank under PCA framework amidst the proposed merger, and litigation against the housing financier are perceived negatively by investors
Here's a look at some of the top headlines of the day
Indiabulls Housing Finance saw its sharpest intra-day fall since listing, plunging 38 per cent to Rs 240, also its 52-week low on the BSE. The trading volumes on the counter jumped four-fold
PIL alleges fund diversion, accounting irregularities at Indiabulls, seeks SIT probe into the company, HC issues notice
Indiabulls said similar allegations were already filed under various individual names in July 2019
The company said the PIL was leaked in social media with malicious intent, and that it is determined to fight out the petitioners in the court
The housing financier has indicated it hopes to hear from the RBI by early October on its merge with Lakshmi Vilas Bank
The troubled non-banking finance company will be replaced by the multinational fast-moving consumer goods company Nestle India in the broader index
The 'negative' outlook generally means the ratings won't improve in the next 12-18 months.
From the finance ministry briefing PM Modi about the economic situation to merchandise exports recovering a bit, here are the top business headlines for Thursday