Indiabulls Housing Finance pops off after Sameer Gehlaut quits as non-executive director

Stocks

The outgoing promoter is not involved in day to day activities of the company and not associated with the business in any manner, Indiabulls Housing Finance said

Indiabulls Housing Finance

Indiabulls Housing Finance

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Indiabulls Housing Finance share price surged more than 12 percent on March 15 after Sameer Gehlaut said he is resigning as non-executive director from March 14.

“l had through my promoter companies recently sold 11.9% stake in Indiabulls Housing Finance and now own 9.71% which I intend to hold as its public shareholder to participate in its future growth,” Gehlaut wrote in his resignation letter.

Gehlaut will also be resigning from the board by the end of the current financial year.

indiabulls

The outgoing promoter is not involved in day to day activities of the company and not associated with the business in any manner, Indiabulls Housing Finance said.

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At 09:47 hours, Indiabulls Housing Finance was quoting at Rs 164, up Rs 13.70 or 9.12 percent on the BSE.

The share touched a 52-week high of Rs 313.50 and a 52-week low of Rs 130.20 on 16 June 2021 and 8 March 2022 respectively.

Currently, it is trading 47.69 percent below its 52-week high and 25.96 percent above its 52-week low.