After that, reportedly, Indiabulls counsel wrote to ED claiming the company has got a stay order from Delhi HC on Monday. According to them, the court has asked the ED not to take any coercive actions.
While the drama was unfolding in one part of Mumbai, shares of Indiabulls Group companies trading in different parts tanked. Dhani Services plunged 20 per cent while Indiabulls Housing Finance fell 10 per cent. Indiabulls Real Estate was down 15 per cent.
This is not a group’s first brush with law enforcement agencies. In the past, various entities have been in news for being in legal troubles. However, everytime, they tend to come out relatively unscathed.
Ion to debut on NSE
Ion Exchange said it has received approval from National Stock Exchange of India (NSE) for listing of its 1,46,66,659 equity shares to be listed. Earlier it was traded only on BSE.
These equity shares will be tradable on NSE from Tuesday onwards. The listing on the second exchange will likely bring more volume to the counter, along with a better price discovery and market depth.
Shares of the company gained over 3 per cent following the announcement.
Venky’s gets flu
An outbreak of bird flu in Maharashtra continued to depress shares of poultry firm Venky’s India for the third straight day on Monday. The counter fell over 4 per cent adding to the 4 per cent fall in the previous two sessions.
Reports said authorities in Maharashtra detected avian influenza, commonly known as bird flu, among birds at a poultry farm in Vasai-Virar region of Palghar district. This came days after the district’s neighbouring region Thane reported similar cases.
A wider outbreak of the disease, which spreads fast among birds and then to humans, can impact the sales of poultry products in other parts of the nation as well, as consumers starts avoiding them due to the fear.
