Indiabulls Housing Finance shares rise 8%, writ petition withdrawn

 (Bloomberg file)

Bengaluru: Indiabulls Housing Finance Ltd on Thursday said a writ petition alleging financial misdeeds against the mortgage lender had been withdrawn, sending shares nearly 8% higher.

A criminal writ petition filed on Monday in Supreme Court alleged that about 98000 crore ($14 billion) had been siphoned out of the company by senior officials using a web of shell companies.

The company said on Wednesday the petitioner had admitted in court that the petition was defective in nature and that he would approach the court after rectifying it.