Thursday, Nov 20 — Shares of Sammaan Capital (formerly Indiabulls Housing Finance) declined sharply in early trade, falling 7% from the day’s highs and extending their two-day slide to over 15%, as investor sentiment remained weak following stern observations by the Supreme Court on Wednesday.
The company’s stock, which had briefly moved higher at open, slipped to ₹152.28, down more than 4% by 9:25 AM on NSE.
SC slams ‘friendly approach’ of agencies
On Wednesday, Nov 19, the Supreme Court came down heavily on multiple investigative agencies for what it described as a “friendly approach” in the ongoing probe involving allegations against the company.
The bench pulled up the Central Bureau of Investigation (CBI), the Ministry of Corporate Affairs (MCA), and the Securities and Exchange Board of India (SEBI) for delays, reluctance, and inconsistency in pursuing the investigation.
The court also criticised SEBI for “double standards”, questioning why the market regulator had not taken meaningful action despite having jurisdiction to probe the matter.
CBI asked to file FIR; ED says coordinated action needed
The Supreme Court urged the CBI to file an FIR, saying a formal complaint would strengthen the Enforcement Directorate’s (ED) ability to investigate potential money-laundering angles.
The bench also asked the CBI to clarify why it had not moved ahead with an FIR despite the seriousness of allegations.
The ED informed the court that:
- A joint meeting among ED, CBI, SEBI, and SFIO will be held within two weeks.
- Complaints filed with EoW Delhi and Mumbai saw no cognisance, which slowed down the probe.
Company clarification fails to lift the stock
Earlier this morning, Sammaan Capital said in an exchange filing that the present case pertains to a former promoter and has no impact on its ongoing business or operations.
The company also confirmed its Indiabulls Housing Company (IHC) deal remains on track.
However, the clarification did little to stabilise the stock, which continued to trade lower after a volatile start.
Next hearing on December 17
The Supreme Court has scheduled the next hearing on December 17, directing all agencies—CBI, ED, SEBI and SFIO—to submit clear updates on:
- Status of the probe
- FIR considerations
- Inter-agency coordination
What’s next for the stock?
Sammaan Capital has now fallen:
- 7% from intra-day highs on Thursday
- Over 15% in two trading sessions
Volatility is expected to remain elevated until further clarity emerges from investigative agencies and the December 17 court hearing.
