Nifty Financial Services drops 1% led by Indiabulls Housing, Indiabulls Ventures, Shriram Transport

The Nifty Financial Services index declined 1% on Wednesday after selling pressure seen in Indiabulls Housing Finance, Indiabulls Ventures, Shriram Transport Finance, Cholamandalam Investment & Finance Company, PFC, and Kotak Bank.

Shares of Indiabulls Housing Finance, Indiabulls Ventures, and Shriram Transport Finance, which dropped 7%, 4%, and 3%, respectively, were leading the index’s fall.

Shares of Indiabulls Housing Finance extended fall after media reports of Writ Petition filed in Supreme Court against Sameer Gehlaut allegedly siphoning off Rs98,000cr from Indiabulls Housing Finance. The Writ Petition is filed only and is not heard by the court, the company said in the filing on Monday.

Shares of PFC, Cholamandalam Investment and Finance Company, Kotak Bank, M&M Finance, ICICI Lombard General Insurance Company, and Edelweiss Financial Services also contributed to the fall, declining 2% each.

Shares of ICICI Bank, Bajaj Finance, REC, Housing Development Finance Corporation (HDFC), and SBI declined 1% each.

Meanwhile, equity benchmark indices were trading in the red on Wednesday with the Sensex trading 263 points down at 39,687 levels. The Nifty dropped 78 points at 11,887 levels, well below its key level of 11,900.