The shares of Indiabulls Housing Finance slipped over 12 per cent to Rs 222.7 per share on the BSE intraday on Friday, as the main promoter Sameer Gehlaut sold stakes and announced resignation from the company on Thursday. The stock in the last two sessions fell over 16 per cent on the BSE. 

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Sameer Gehlaut IBH Trust, in two different instances, sold 1,25,41,432 and 2,98,43,200 shares in the company at Rs 262.82 and Rs 262.35 per share, respectively, on the NSE, as per the bulk deals data. 

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Abu Dhabi Investment Authority, BREP Asia II Indian Holding Co V (NQ) PTE Ltd, Invesco Mutual Fund - India Contra Fund, Morgan Stanley Asia (Singapore) PTE. – ODI, Prusik Umbrella Ucits Fund PLC, and Tosca Focus are few names that have picked stakes in the company through bulk deals.  

The stock has corrected nearly 29 per cent from its 52-week high level of Rs 313.70 touched on June 16, 2021. It is being trading over 7 per cent lower to Rs 235.75 per share versus over a 1 per cent decline in the S&P BSE Sensex at around 02:05 pm. 

Post selling nearly 12 per cent equity in Indiabulls Housing earlier during Thursday’s session, Sameer Gehlaut to step down from the board of the company by this fiscal end, the company said in its post-market filing to exchanges.  

“I will be resigning from the board of the company by end of the current fiscal ending March 31st, 2022, and will be completing the process of de-promoterisation of the company with requisite approvals,” Gehulat said in his resignation announcement through filing.  

Sameer Gehlaut along with his promoter companies now owns 9.8 per cent of the company. “I intend to hold these shares and participate in the future growth story of the company.”