Indiabulls Housing Finance share price falls 38% on concerns over merger with Lakshmi Vilas Bank

The share price of Indiabulls Housing Finance Ltd (IBHFL) crashed nearly 38% intraday to hit a fresh 52-week low today after Reserve Bank of India put private sector lender Lakshmi Vilas Bank under its prompt corrective action (PCA) plan. The development places the prospects of their prolonged merger into jeopardy. Indiabulls Housing Finance stock opened today with a loss of 6.79% to Rs 363, also its day’s high. Later, the stock crashed 37.8% and touched an intraday low as well as fresh 52-week low of Rs 240.10, against the last…

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Turkey set to release 38,000 prisoners, makes space in jails after coup

Turkey will release some 38,000 prisoners under a penal reform announced on Wednesday as the arrests of tens of thousands of people suspected of links to last month’s attempted coup burden overstretched jails. The reform, extending an existing probation scheme, was one of a series of measures outlined on Wednesday in two new decrees under a state of emergency declared after the July 15 failed putsch during which 240 people were killed. The government gave no reason for the reform. Turkey’s Western allies worry President Tayyip Erdogan is using the…

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