Indiabulls Housing Finance drops out of top-100 club in market-cap ranking

On Wednesday, the stock of housing mortgage company dipped 7 per cent to Rs 626 in intra-day trade, falling 15 per cent in past two trading sessions

Indiabulls Housing Finance has dropped out of the club of 100 most valued companies in terms of market capitalisation (market-cap) after a sharp decline in stock price over the past few sessions. The fall comes on the back of reports alleging that the firm has misappropriated Rs 98,000 crore of public money.

According to news agency PTI, “A plea was filed in the Supreme Court Monday seeking legal action against Indiabulls Housing Finance Limited, its chairman and directors for alleged misappropriation of Rs 98,000 crore of public money.”

The petition alleged that money worth thousands of crore were