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Indiabulls Housing Finance drops out of top-100 club in market-cap ranking

SI Reporter/Mumbai 12 Jun 19 | 12:12 PM

Indiabulls Housing Finance has dropped out of the club of 100 most valued companies in terms of market capitalisation (market-cap) after a sharp decline in stock price over the past few sessions. The fall comes on the back of reports alleging that the firm has misappropriated Rs 98,000 crore of public money.

According to news agency PTI, “A plea was filed in the Supreme Court Monday seeking legal action against Indiabulls Housing Finance Limited, its chairman and directors for alleged misappropriation of Rs 98,000 crore of public money."

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The petition alleged that money worth thousands of crore were siphoned off by Sameer Gehlaut, the chairman of the firm, and the directors of Indiabulls for their personal use.

On their part, Indiabulls Housing Finance, in regulatory filing, has said that a racket of blackmailers has been trying to extort money over the last two months threatening to write complaints to various government departments alleging siphoning off of Rs 55,000 crore if Rs 10 crore was not paid to them, following which the company filed an FIR on June 4. READ ABOUT IT HERE

On Wednesday, the stock of housing mortgage company dipped 7 per cent to Rs 626 in intra-day trade, falling 15 per cent in past two trading sessions. The company has lost about Rs 4,400 crore market-cap during the period.

At 11:40 am; with Rs 26,890 crore in market-cap, Indiabulls Housing Finance stands at 101 rank. The company was at 92nd rank on Monday, and has lost 9 positions in past two trading days alone.

Market-cap has eroded Rs 31,908 crore, or 54 per cent, from its peak on August 3, 2018. It was at 56th rank then, as the stock price hit an all-time high of Rs 1,378 on the BSE.

The stock was included in the National Stock Exchange (NSE) benchmark index, Nifty 50, on March 31, 2017. Currently, the company’s market-cap is lower than some of the non-Nifty 50 stocks like Bank of India, RBL Bank, IDBI Bank, Oracle Financial Services and Info Edge (India).

 Market-cap (Rs crore)Company10/06/2019LatestBerger Paints31,80532,164Colgate-Palmolive31,39731,874L & T Infotech31,18431,287REC Ltd30,04830,404ACC29,84729,715Bank of India28,55828,870RBL Bank28,47628,326Oracle Financial28,29428,318IDBI Bank28,23728,160LIC Housing Finance27,76827,464Info Edge (India)27,81727,183Indiabulls Housing31,33127,001   Latest market-cap at 12:07 pmRank between 91-101Source: BSE/CapitalinePlus

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