Indiabulls Housing Finance shares plunge over 10% on alleged embezzlement of funds

New Delhi: Shares of Indiabulls Housing Finance plunged over 10 percent on Monday amid allegations of embezzlement of more than Rs 1 lakh crore from National Housing Bank (NHB). The scrip tanked 10.44 percent to close at Rs 559 on the BSE. During the day, it tumbled 12.29 percent to Rs 547.40. On the NSE, shares dropped 10.35 percent to close at Rs 559.70. [caption id=“attachment_5678251” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] The company’s market valuation fell by Rs 2,785.61 crore to Rs 23,901.39 crore on the BSE. Selling was also seen in other group stocks with Indiabulls Integrated Services Ltd dropping 4.97 percent, Indiabulls Real Estate falling 4.72 percent and Indiabulls Ventures 4.68 percent on the BSE. In a filing to the BSE on Sunday, Indiabulls Housing Finance Limited with reference to Subramanian Swamy’s letter dated June 28th being circulated in social media, alleging embezzlement of more than rupees one lac crore from NHB, said, “Loans outstanding as on date from NHB to Indiabulls Housing is zero.” It also added that Indiabulls Housing, in its history, has never taken any loan or refinancing facility from NHB. The total loan book of Indiabulls Housing is approximately Rs 87,000 crore, the filing added.