Here's why Indiabulls Real Estate shares jumped 15% today

Shares of Indiabulls Real Estate Limited jumped 15 per cent to hit an intraday high of Rs 118.60 in an otherwise weak market on BSE on Tuesday after the company said that the Enforcement Directorate (ED) investigation did not pertain to Indiabulls Real Estate Limited and has no bearing on the business and operations of the Company.
 
On Monday, the stock tanked 15 per cent after the ED conducted a raid at Indiabulls Finance Centre in Mumbai. The raids were conducted as part of the Enforcement Case Information Report (ECIR) registered by ED under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing Finance promoter Sameer Gehlaut and some other related companies and individuals.
 
The stock hit a 52-week high of Rs 195.90 on November 11, 2021, and 52 week low of Rs 72.75 on April 19, 2021. It opened a tad higher at Rs 104.60 against the previous close of Rs 103. However, it ended 10.39 per cent higher at Rs 113.70 against the previous close of Rs 103 on BSE.
 
With a market capitalisation of Rs 5,186 crore, the shares stand lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
 
"We wish to clarify that ED has sought some information from Indiabulls Housing Finance Limited (IHFL) regarding certain of their clients and it is understood that the necessary data has been provided to ED by IHFL and its officials. The said ED investigation did not pertain to Indiabulls Real Estate Limited and has no bearing on the business and operations of the company,” Indiabulls Real Estate Limited said.
 
"Mr. Sameer Gehlaut has resigned from the office of non-executive director and Chairman of the company effective from 31st December 2021. The existing Promoter and Promoter Group collectively holds 0.26% of the total paid-up share capital of the Company, and accordingly, have through their request letter dated January 1, 2022, sought reclassification from ‘promoter and promoter group’ category to ‘public’ category in accordance with Regulation 31A of the SEBI Listing Regulations,” it added.
 
The ED had registered a case against Indiabulls Housing Finance and its promoters in April 2021. The case was registered on the basis of an FIR filed in Palghar which said that Indiabulls Housing Finance siphoned money and invested it in its own shares for increasing the prices.
 
The complainant mentioned the real estate companies which had taken loans from Indiabulls Housing Finance and routed money back into its shares in the FIR, India Today said.
 
Indiabulls Housing Finance Founder Sameer Gehlaut will resign from the Board of Directors of the housing finance company by the end of the ongoing fiscal year, i.e., March 31, 2022.
 
Shares of Indiabulls Housing Finance Limited ended flat at Rs 167.80 against the previous close of Rs 166.75 on BSE.