IHFL rises 12% post plea withdrawal

Mumbai: In a big relief to Indiabulls Housing Finance, the petitioner who had approached the Supreme Court alleging misappropriation of Rs 98,000 crore of public money, has withdrawn the same Thursday, the company said. Shares of IHFL rose nearly 12% after the news. The claim which was termed as "frivolous and bizarre" by the company, which had sought urgent hearing in the matter. In an affidavit, Abhay Yadav, the petitioner, claimed that he is not "aware of the contents and allegations mentioned in the complaints or the petition", the second largest home-loan lender said in a statement. "I now realise that such papers, affidavits, applications etc were signed by me have been misused to file false complaints and petitions against Indiabulls with malafide intentions," the statement quoted Yadav as saying.