Promoter goes for bottom fishing as this stock tanks 65% in March

NEW DELHI: Shares of Indiabulls Housing Finance advanced nearly 9 per cent in Wednesday’s trade after promoter Sameer Gehlaut lapped up 24 lakh shares of the company on Wednesday.Gehlaut bought 24 lakh shares from the open market at Rs 96.33 apiece, NSE bulk deals data showed.In total, the group chairman acquired more than 80 lakh shares of the company in March when the share price tanked 65 per cent during the month.The scrip, however, traded 8.88 per cent higher at Rs 105.10 in the early trade at around 9.20 am (IST), while the benchmark BSE Sensex was down over 517 points, or 1.76 per cent, at 28951 at around the same time.Earlier, international rating agency Moody's on March 24 downgraded Indiabulls Housing Finance with a negative outlook, citing challenges in raising funds.It downgraded the corporate family rating (CFR) and foreign-currency senior secured rating of the company to B3 from B2.The foreign and local currency senior secured MTN programme ratings of the company has also been downgraded to (P)B3 from (P)B2.The rating agency expects the company’s asset quality to continue to weaken.The downgrade and negative outlook reflect our expectation that Indiabulls' access to funding will remain challenging for longer than expected, Moody's said in a note.

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