The shares of Indiabulls Housing Finance Ltd fall as much as 10 per cent to Rs 562.
Subramanian Swamy, BJP MP, in a tweet said that he has sent letter to Prime Minister Narendra Modi, accusing Indiabulls of fraud worth more than Rs1 lakh crore ($14.5 billion).
Also read: Indiabulls HFL rejects Swamy’s charge of embezzling ₹ 1 lakh cr from NHB
He said that Indiabulls and its associates formed more than 100 shell real-estate firms to take loans from state-owned National Housing Bank (NHB) and re-allot or siphon it off to other real-estate companies in multiple states in the range of Rs 30 crore to Rs 1,000 crore.
The company rejected in a statement, highlighting outstanding loans, as on July 28, from NHB to Indiabulls as zero. The stock down 27 per cent this year, as of last close.
($1 = 68.9200 Indian rupees).