Lakshmi Vilas Bank MD's exit weighs on Indiabulls Housing Finance stock

The housing financier has indicated it hopes to hear from the RBI by early October on its merge with Lakshmi Vilas Bank

As an early reaction to Wednesday’s news of the resignation of Parthasarathi Mukherjee, managing director (MD) and chief executive officer (CEO), Lakshmi Vilas Bank (LVB), the Indiabulls Housing Finance (IHFL) stock fell nearly 8 per cent intra-day to touch a 52-week low of Rs 421.10. However, during the course of Thursday’s trade, it recovered reasonably to end only 1.7 per cent lower than the previous day’s closing.
 
What also weighed on the stock is its replacement in the CNX Nifty50 index with Nestlé effective September 27. The move, according to reports, could result in money, particularly by foreign investors