Indiabulls Real Estate shares see Rs 53-crore bulk deals

MUMBAI: Shares of Indiabulls Real Estate today witnessed bulk deals worth Rs 53 crore, which were conducted in its own name, data with stock exchanges showed.

Indiabulls Real Estate purchased 4,160,830 shares on the BSE and another 57,25,082 on the NSE.

The shares were bought at an average price of Rs 54, valuing the deal to Rs 53 crore.

Shares of the company slumped by 12 per cent in the intra-day trade to touch a low of Rs 49 on the BSE. However, it recovered and closed at Rs 54.40 apiece, down 2.42 per cent.

The shares of Indiabulls Real Estate plunged after a Canada-based research firm Veritas Investment pointed out serious irregularities in the group, which in turn warned of criminal proceedings against the authors of the report for "an intentional act for profiteering".