The company is determined to fight out the petitioners in court, it said in a BSE filing.

Shares of Indiabulls Housing FinanceNSE -4.97 % (IBHFL) cracked 9 per cent in early trade on Friday amid reports that a PIL has been filed against the NBFC’s accounting practices. The company, however, clarified that no such petition has been filed in the Delhi High Court yet. 

The shares of the company closed 4.95 per cent lower at Rs 425.75 on BSE. 

“The petition hasn’t yet been filed in the High Court as per the website records of Delhi High Court, but has been leaked in the social media with malicious intent and vested interests to create turbulence in the stock price of the company and fulfill ulterior motives,” IBHFL said in a filing. 

Indiabulls Housing Finance also added that the purported PIL admits that the allegations are the same as in the petition of earlier petitioner Abhay Yadav which was subsequently withdrawn. Abhay Yadav in his statement has admitted that the allegations against the company were based on false, incorrect and twisted data and that he had filed the petition at the behest of the mastermind of the blackmailing racket who was then subsequently arrested and is currently in jail. The courts have denied the bail application of the mastermind.