Indiabulls Ventures drops 3% as CLSA initiates investment

NEW DELHI: Shares of Indiabulls Ventures fell 3 per cent in Friday's trade after foreign brokerage CLSA initiated investment in the consumer finance company in its Asia ex-Japan long-only portfolio with a weightage of three percentage points.

The Hong Kong-headquartered firm’s chief equity strategist Christopher Wood said in his widely-followed newsletter Greed & Fear on Thursday.

The scrip hit a fresh 52-week high of Rs 295.05 earlier in the session. However, it declined as the trade advanced and settled at Rs 280, down 1.44 per cent on Friday.

Shares of Indiabulls Ventures have risen 1,100 per cent this year. The company has reported tepid sales growth for last two financial years, while its debt-to-equity ratio has shot up sharply to 4.66 per cent in FY17 from 0.38 per cent in FY13.