Indiabulls group stocks extend decline; Indiabulls Hsg falls 48% in 1 week

Thus far in financial year 2019-20 (FY20), the market value of Indiabulls group companies have underperformed the market by falling in the range of 53 per cent to 74 per cent.

Shares of Indiabulls group companies continued to reel under pressure on the BSE on Tuesday, taking total losses at Indiabulls Housing Finance (IBHFL), for the past one week, at 48 per cent. IBHFL extended Monday's slide on concern over merger with Lakshmi Vilas Bank (LVB). The Reserve Bank of India (RBI) on Saturday initiated prompt corrective action (PCA) against LVB.

That apart, the Delhi High Court accepted a public interest litigation (PIL) filed by eminent lawyer Prashant Bhushan on Indiabulls Housing Finance, raising further concerns over the merger plan.

Indiabulls Housing Finance hit a 52-week low of Rs 226, down