Indiabulls Real Estate falls most in 3 months after NCLT withholds merger plans

Embassy Developments

09/05/2023 09:56

** Shares of Indiabulls Real Estate Ltd  INRL.NS  fall as
much as 14.37%, steepest intraday decline in nearly three
months, to 59.30 rupees
    ** Real estate consultancy and advisory services provider
says the National Company Law Tribunal (NCLT), Chandigarh bench
withholds sanction to the merger of NAM Estates Private Ltd and
Embassy One Commerce Property into INRL
    ** NCLT had earlier raised concerns over the merger on the
objections cited by income tax department: INRL
    ** INRL's board to meet on Wednesday to devise a plan after
the NCLT withheld the merger
    ** Trading volume is 23.02 mln shares as of 2:17 p.m. IST,
twice the 30-day avg - Refinitiv data

    
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))