Indiabulls Housing Finance, Lakshmi Vilas Bank fall on Q1 results

Image result for Indiabulls Housing Finance, Lakshmi Vilas Bank fall on Q1 resultsMortgage lender Indiabulls Housing Finance’s shares fell 8.5 per cent to Rs 470 on Wednesday.

The housing finance company, a part of the embattled shadow banking sector, saw a ~25 per cent fall in profit, along with worsening asset quality.

The NBFC’s quarterly revenue from operations dropped to Rs 3,885 crore from Rs 4,071 crore last year.

Lakshmi Vilas Bank, with which INBF is expected to be merged, reported a June-quarter loss of Rs 237 crore ($33.43 million).

Shares of Lakshmi Vilas Bank fell by their 5 per cent daily limit to Rs 40.85. Indiabulls is awaiting approval from the Reserve Bank of India and the stock exchanges on the proposed merger with the bank.

Up to last close, Indiabulls shares had fallen 40 per cent and Lakshmi Vilas down 51 per cent this year ($1 = 70.9000 rupees).

[“source=thehindubusinessline”]