The performance in the stock can be attributed to clarification sought by exchanges over a buzz that the company has raised a lump sum from Oaktree Capital.
Both BSE and NSE have sought clarification from Indiabulls Housing with respect to news article appearing on Hindustan Times dated on July 04, 2020, titled, "Indiabulls arm gets Rs2,200crore lifeline from Oaktree Capital".
People familiar with the matter told HT that, the company has raised Rs2,200 crore from Oaktree Capital by pledging a part of its real estate loans to the global stressed assets investor.
Reportedly, the transaction is expected to breathe a fresh lease of life into Indiabulls Housing, which has been in talks with investors for several months. The fresh funds are expected to be used to meet payment obligations.
The reply is yet awaited from the company.