Indiabulls Housing Finance Shares Plunge 15% After Promoter Sells Stake

New Delhi: Shares of Indiabulls Housing Finance cracked as much as 15 per cent on Friday after its promoter Sameer Gehlaut sold 11.9 per cent stake in the firm. On the NSE index, the stock hit an intraday low of Rs 215.90 from its previous close of Rs 254. It touched a day low of Rs 222.70 on BSE.

As of 12:15 pm, the scrip was trading 8.19 per cent lower at Rs 233.20.

"I have sold 11.9 per cent in the company with a view to make the company a fully professionally managed and run company. With this sale, I and my promoter companies now own 9.8 per cent of the company. I intend to hold these shares and participate in the future growth story of the company," Mr Gehlaut stated.

He said ever since going public in September 2004 at Rs 19 per share, Indiabulls Housing Finance has been a "fabulous success story".

Mr Gehlaut said he will be resigning from the board of the company by the end of the current fiscal, ending March 31, 2022.

He held a total of 21.69 per cent stake in the company in his personal capacity (0.11 per cent) and through his promoter companies -- Inuus Infrastructure Pvt Ltd (7.70 per cent) and Sameer Gehlaut IBH Trust (13.89 per cent), before selling his nearly 12 per cent stake on Thursday.

According to bulk deal data available with the stock exchanges, Sameer Gehlaut IBH Trust sold 2.98 crore shares of Indiabulls Housing Finance at Rs 262.35 per share on the NSE, another 1.25 crore equity shares at Rs 266.82 per share on the NSE, and 50 lakh shares at Rs 268.49 per share on the BSE.

Apart from this, another promoter entity Innus Infrastructure offloaded 70.28 lakh shares of the housing finance company.

On the other hand, Abu Dhabi Investment Authority, International Monetary, Aurigin Master Fund, HSBC and Invesco Mutual Fund picked up shares of the company.