Shares of Indiabulls Real Estate jumped 9% to Rs 112.40 on BSE during Tuesday’s intraday trading in an otherwise weak market due to heavy volumes after the company clarified that the survey of the Application Direction (ED) did not concern the company and did not affect the business and operations of the company.

At 10:33 a.m.; the stock traded up 8% to Rs 110.75, against a 1.6% drop on the S&P BSE Sensex. Over-the-counter trading volume jumped 1.5x with a combined 28 million shares changing hands on the NSE and BSE.

On Monday, shares of the property company slid 15% to Rs 103 after ED raided the premises of Indiabulls Finance Center in Delhi and Mumbai. This was in connection with money laundering allegations brought against the company and promoter Sameer Gehlaut in April 2021. CLICK HERE FOR MORE DETAILS

“We would like to clarify that ED has requested information from Indiabulls Housing Finance Limited (IHFL) regarding some of their customers and it is understood that the necessary data has been provided to ED by IHFL and its officers. The said ED investigation did not relate to Indiabulls Real Estate Limited (the “Company”) and has no bearing on the business and operations of the Company,” Indiabulls Real Estate said in an exchange filing.

Sameer Gehlaut resigned as non-executive director and chairman of the company effective December 31, 2021. In addition, the outgoing promoters have stated that they are not involved in the day-to-day management of the company, said Indiabulls Real Estate.

The ongoing merger of NAM Estates Private Limited and Embassy One Commercial Property Developments Private Limited, two entities of the Embassy Group, with the company’s process is on track and the shareholders of the company, during the meeting convened by NCLT on February 12, 2022, approved the merger plan. CLICK HERE FOR MORE DETAILS

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