Stock Crash: Sammaan Capital shares tank 13% after this negative development from Supreme Court

Shares of Sammaan Capital Ltd., known earlier as Indiabulls Housing Finance fell as much as 13% on Wednesday, November 19, after the Supreme Court ordered the Central Bureau of Investigation (CBI) to file an FIR in the case against the company.

The Supreme Court questioned the "friendly approach" by the CBI and the MCA in investigating allegations of Indiabulls Housing Finance. The apex court also questioned market regulator SEBI's reluctance to investigate and also questioned the "double standards" of the regulator, even after being given jurisdiction by the top court to probe allegations against the company.

CBI has also been asked to file a response to clarify the stance, adding that it will strengthen the hands of the Enforcement Directorate. The ED, in response, has assured a joint meeting of officers of the Enforcement Directorate, SBI, SEBI and the SFIO in the next two weeks.

The ED highlighted that it has filed complaints compliant with the Economic Offences Wing (EOW) of Delhi and Mumbai Police, but no cognizance was taken.

Supreme Court will next hear the case on December 17.

The Supreme Court hearing was essentially of a PIL which had sought regulatory action.

What the SC report very clearly elucidated is that how there were plenty of areas which required further investigation and required further scrutiny, and to that end, was sufficient for filing of an FIR. The Supreme Court clarified that it has not expressed any opinion on the merits of the allegation against Sammaan Capital.

In response, Sammaan Capital said in a statement that none of the allegations in the petition have been substantiated and that the company is professionally-run, with LIC and BlackRock being the largest shareholders.

The statement further added that the erstwhile promoter Sameer Gahlaut had exited the company back in 2022-2023 and is not a shareholder.

Shares of Sammaan Capital ended 13% lower at ₹159.25 after these developments. The stock is still up 9% so far in 2025.