IBHF slips 17%

about 4 months ago
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Indiabulls Housing Finance is a big loser on the bourses today; in fact between today and Friday, it has lost almost 23%. The stock opened today with a loss of 10% at Rs.229 and hit an intraday low at Rs.211.30, down 17%.

Yesterday, the company informed the exchanges that Yes Bank owes to it Rs. 662 cr via AT-1 Bonds. The investments in AT-1 bonds of Yes Bank were made in 2017, as a part of its treasury management of over Rs. 20,000 crore of cash and when Bank was worth over $10 billion in value.

Sameer Gehlaut, promoter of Indiabulls Housing Finance or any of his companies or any of his family member companies have no loans outstanding from Yes Bank.

It seems unlikely that Indiabulls will be able to recover this money now and that has put the market on the edge.

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