Indiabulls seeks early hearing on fraud charges after record share slump

Indiabulls Housing Finance Ltd., a major Indian shadow lender that’s caught in the crosshairs of the troubles plaguing the industry, is seeking to bring forward a court hearing on fraud allegations after a record share slump.

The development represents an effort to get out ahead of recent headlines that contributed to its share price losing an unprecedented 34% slump on Monday. Shares rebounded 5% on Tuesday.

Delhi High Court and the police moved last week to begin separate investigations to examine allegations of fraud and misappropriation against Indiabulls and Lakshmi Vilas Bank Ltd., with which it has sought approval to