Stock Crash: Sammaan Capital shares tank 10% after this negative development from Supreme Court

Shares of Sammaan Capital Ltd., known earlier as Indiabulls Housing Finance fell as much as 10% 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.

Shares of Sammaan Capital are trading 10% lower at ₹164.45 after these developments. The stock is still up 9% so far in 2025. The stock is looking to recover from the lows of the day, after the Supreme Court clarified that it has not expressed any opinion on the merits of the allegation against Sammaan Capital.

To be updated with more.