Indiabulls Housing Shares Rise As Petitioner Withdraws Case

Indiabulls Housing Finance on Thursday said a writ petition alleging financial misdeeds against the mortgage lender had been withdrawn, sending shares over 10 per cent higher.

A criminal writ petition filed on Monday in Supreme Court, alleging that about Rs 98,000 crore ($14 billion) had been siphoned out of the company by senior officials using a web of shell companies.

The company said on Wednesday the petitioner had admitted in court that the petition was defective in nature and that he would approach the court after rectifying it.