Thursday, Nov 20 — Shares of Sammaan Capital (formerly Indiabulls Housing Finance) extended their steep decline on Thursday, falling more than 7% from the day’s highs and over 15% in just two trading sessions, as the market continued to react to the Supreme Court’s sharp criticism of investigative agencies probing allegations related to the company.
The stock slipped to ₹152.28 on NSE by 9:25 AM, despite a brief positive start in early trade.
What triggered the sharp fall? Supreme Court’s criticism
The sell-off began on Wednesday, Nov 19, after the Supreme Court strongly rebuked multiple agencies — CBI, SEBI, and the Ministry of Corporate Affairs (MCA) — for what it called a “friendly approach” and lack of urgency in investigating allegations involving the company.
Key observations from the court that spooked markets:
- SEBI showed “double standards” and reluctance to act despite being authorised to investigate.
- CBI failed to file an FIR even though the allegations were serious.
- MCA’s stance was seen as passive and inconsistent.
The bench questioned the commitment of all three agencies, raising concerns about the pace, seriousness, and transparency of the investigation.
SC pushes CBI to file FIR; ED flags lack of action
The Supreme Court urged the CBI to file an FIR, stating that it would strengthen the Enforcement Directorate’s (ED) probe into suspected money-laundering angles.
The ED also told the court:
- It will hold a joint meeting with the CBI, SEBI, and the SFIO within two weeks.
- Complaints filed with EoW Delhi and Mumbai received no cognisance, which delayed coordinated action.
These developments added to investor uncertainty, pushing the stock sharply lower.
Company clarification fails to stabilise the stock
On Thursday morning, Sammaan Capital issued a clarification stating:
- The case before the Supreme Court pertains to a former promoter, not the company.
- There is no impact on current business operations.
- The Indiabulls Housing Company (IHC) deal remains on track.
However, the clarification did little to stem the decline, with the stock continuing to drift lower.
How much has the stock fallen?
- 7% down from today’s highs
- More than 15% cumulative fall in two sessions
- Volatility remains high as the legal developments unfold
When is the next update?
The Supreme Court has scheduled the next hearing for December 17, by when:
- CBI must clarify its FIR stance
- SEBI must explain its investigation timeline
- ED, SFIO, and other agencies must submit coordinated updates
Until then, the stock may remain under pressure due to elevated regulatory risk and market uncertainty.
