Indiabulls Housing Director Sameer Gehlaut resigns; Stock spurts ~5%

15 Mar 2022 , 12:50 PM

Indiabulls Housing Limited’s stock inched up to 13% higher in today’s morning trade. However, until the noon trade, it erased all early morning gains and was trading 4.95% higher at Rs157.85 against its previous closing price of Rs150.40.

This dramatic turn in stock happened following the exit of Sameer Gehlaut from the company.

Sameer Gehlaut has resigned from the post of Non-Executive Director post of the non-banking finance company (NBFC), effective from March 14, 2022. The company also stated that Gagan Banga will remain its CEO.

Sameer along with his concerned affiliates held about a 9.71% stake in the company as of March 14, 2022. The company further stated that he will continue to remain a minority shareholder to participate in the company’s growth prospects.

Gehlaut also conveyed his decision to resign from the company’s Board by the end of the current financial year. Its scrip has touched an intraday high and low of Rs169.50 and Rs152.35 respectively.