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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Starwood reject Marriott deal in favour of Anbang merger

Starwood Hotels & Resorts has rejected a proposed takeover by Marriott International, preferring to explore what it views as a “superior offer” from a consortium led by Anbang. The Chinese insurance giant tabled a bid of $78 per share for the American hotel giant earlier, valuing the company at $13.2 billion. Marriott now has until March 28th to respond with a higher bid. If the American company decides to do so, a highly likely scenario, a bidding war will begin. Following the latest offer, Starwood’s share price climbed above the…

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