Indiabulls Housing Finance tumbles as founder cuts stake, to resign from board

Sammaan Capital

17/12/2021 05:13

** Shares of Indiabulls Housing Finance Ltd  INBF.NS  tumble
10% to 228.60 rupees, their lowest since Nov 30
    ** Stock posts its worst intraday session in eight weeks
    ** Founder Sameer Gehlaut sells 11.9% stake in co, says will
resign https://www.bseindia.com/xml-data/corpfiling/AttachLive/e9eb74e6-73ba-413c-8697-b37c48622a93.pdf
 from the board when the current fiscal year ends on March 31
    ** Gehlaut and his promoter companies will now hold 9.8%
stake in co, says stake sale intended to make the company a
"fully professionally managed and run company"
    ** Gehlaut to continue as CEO of Dhani Services, a company
that was demerged from Indiabulls Housing
    ** Around 36.2 mln Indiabulls shares change hands, as of
0433 GMT, vs 30-day avg of 26.4 mln shares
    ** Stock up 15.3% this year, as of last close

    
     ($1 = 74.3050 Indian rupees)

 (Reporting by Chandini Monnappa in Bengaluru)
 ((Chandini.M@thomsonreuters.com; 910867497919;))