Sammaan Capital shares fall 14% as Supreme Court flags ‘friendly’ CBI probe, orders FIR: Report

Shares of Sammaan Capital formerly known as Indiabulls Housing Finance dropped nearly 14% to hit an intraday low of ₹157.25 on the National Stock Exchange (NSE) after a report suggested that Supreme Court questioned 'friendly approach' by the Central Bureau of Investigation (CBI) in probe of alleged irregularities against the non-banking finance company (NBFC).

During the hearing, the Supreme Court criticised the Securities and Exchange Board of India (SEBI) for its reluctance to act, calling out what it described as “double standards.” The court has now granted SEBI full jurisdiction to investigate the matter.

The bench also observed that despite the ED having lodged complaints with the Economic Offences Wings in both Delhi and Mumbai, no action had been taken so far. The matter will now be heard again on December 17, by when the court expects detailed updates from all four agencies on the status of investigations, the FIR, and inter-agency coordination.

Sammaan Capital stated that the company welcomed the court’s remarks and clarified that no view on the merits of the allegations had been expressed. The non-banking financial company added that none of the claims made in the petition had been substantiated, highlighting that it is professionally managed with LIC and BlackRock as its largest shareholders.

Meanwhile, the BSE has sought clarification from the company regarding this news development for which Sammaan Capital's response was awaited at the time of publishing this article.

Sammaan Capital shares ended 13.33% lower at ₹158, underperforming the NIFTY Smallcap 250 index which closed 0.42% lower.