This stock fell 13% after a Supreme Court order, lower circuit was applied

News Topical, Digital Desk : Following news from the Supreme Court, shares of Sammaan Capital Ltd. (formerly Indiabulls Housing Finance) saw heavy selling. The company's stock fell by 13% on Wednesday, November 19th.

The Supreme Court, in its order, directed the CBI to file an FIR against the company. Following this decision, investor sentiment was immediately under pressure, leading to a massive sell-off in shares.

Serious questions raised: The Supreme Court strongly objected to the "friendly attitude" of the CBI and MCA in investigating the allegations related to Indiabulls Housing Finance. The top court also questioned SEBI's reluctance, stating that the regulator had adopted "double standards" even though the court had already granted it jurisdiction to investigate. The court directed the CBI to file a response clarifying its position, stating that filing an FIR would strengthen the ED's investigation. The ED requested a joint meeting within two weeks. The Enforcement Directorate (ED) assured the court that a joint meeting of ED, CBI, SEBI, and SFIO officials would be held within the next two weeks to enhance coordination in the investigation. The ED also stated that it had filed complaints with the Delhi and Mumbai Police EOW, but no cognizance was taken. The next hearing in this matter will be held on December 17th. The Supreme Court will now hear the matter next on December 17. Following these developments, Sammaan Capital shares fell 8.7% to trade at ₹166.87, although the stock is up 9% so far in 2025.

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