IBHFL shares tank 8.5% amid allegations of siphoning off funds

New Delhi: Shares of Indiabulls Housing Finance Ltd (IBHFL) dropped 8.5 per cent on Tuesday following allegations of siphoning off Rs 98,000 crore of public money.

The scrip plunged 8.32 per cent to Rs 672.05 on the BSE.

At NSE, shares of the company tumbled 8.46 per cent to Rs 671.25.

A plea was filed in the Supreme Court Monday seeking legal action against IBHFL, its Chairman and directors for alleged misappropriation of Rs 98,000 crore of public money.

Terming the allegations "bizarre", IBHFL on Monday said the writ petition filed in the apex court is an attempt to "malign" the company's reputation and create hurdles in its merger with Lakshmi Vilas Bank.

"The total loans on the books of IBHFL is approx Rs 90,000 crore. The allegations of siphoning off Rs 98,000 crore is bizarre," IBHFL said in a statement.

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