Indiabulls Housing Finance denies Subramanian Swamy's allegations of embezzling funds as stock tanks

ANIUpdated: Monday, July 29, 2019, 02:27 PM IST
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Mumbai: Shares of Indiabulls Housing Finance tanked about 7.6 per cent to a one-month low at the National Stock Exchange on Monday and levelled among top losers in the index after BJP leader Subramanian Swamy accused the company of embezzling funds from the National Housing Bank (NHB).

At 12:30 pm, Indiabulls Housing Finance Ltd was trading at Rs 576.60, down by 7.65 per cent from its previous closing. In his letter on Sunday being circulated on social media, Swamy alleged embezzlement of more than Rs 1 lakh crore from NHB which regulates mortgage lenders. The company denied the allegations.

"The loans outstanding as on date from NHB to Indiabulls Housing is zero. Indiabulls Housing, in its history, has never taken any loan or refinancing facility from NHB. The total loan book of Indiabulls Housing is about Rs 87,000 crore," the company said in regulatory filings at stock exchanges.

Indiabulls Housing Finance has a balance sheet size of Rs 128,750 crore and provides home loans in the affordable housing segment.

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