June 13, 2019 / 7:57 AM / 7 days ago

Indiabulls Housing Finance soars after writ petition withdrawn

BENGALURU, June 13 (Reuters) - Indiabulls Housing Finance Ltd on Thursday said a writ petition alleging financial misdeeds against the mortgage lender had been withdrawn, sending shares nearly 8% higher.

A criminal writ petition filed on Monday in India’s Supreme Court, alleging that about 980 billion rupees ($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.

Reporting by Chandini Monnappa in Bengaluru, Editing by Sherry Jacob-Phillips

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