Indiabulls Housing tanks 15% a day after promoter Gehlaut sells 11.9% stake

The stock was down almost 23 per cent from Thursday intraday high; while the stock took place at an average price of Rs 264 per share

Shares of Indiabulls Housing Finance (IHFL) tanked 15 per cent to Rs 215.90 on the National Stock Exchange (NSE) in Friday’s intra-day trade, after the company’s main promoter Sameer Gehlaut sold 11.9 per cent stake in housing finance company via open market deals on Thursday.

In the process, the stock had shed 23 per cent from Thursday's intraday s high of Rs 279. With the past two days decline, the stock has corrected 31 per cent from its 52-week high level of Rs 313.70 touched on June 16, 2021. At 10:25 am; the stock traded 7 per cent lower