Indiabulls Finance volatile
By
Ruma Dubey
about 3 years ago
Indiabulls Finance is seeing a lot of volatility today, opening almost 7% higher at Rs.282.60, but from there, it slipped down 6.5% to hit an intraday low at Rs.248.55 and it continues to trade in the red at Rs.252 levels.
This volatility on account of the promoter, Sameer Gehlaut selling to bring down his stake in the company to below 10% via block deal after which, he will cease to be a promoter of the company.
The company will now have no promoter, led mainly by PE fund Blackstone and UAE sovereign wealth fund, Abu Dhabi Investment Authority.