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Indiabulls Plunges a Record 34% as Regulatory Pressures Mount

  • The shares are worst performers on MSCI Emerging Markets Index
  • Indiabulls dollar bonds drop to lowest since issuance in May
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Indiabulls Housing Finance Ltd. suffered the worst decline since its 2013 initial share sale after India’s central bank placed curbs on a lender it plans to acquire, extending Friday’s slide sparked by a court probe into allegations of fraud.

The stock crashed as much as 38% before closing 34% lower at 255.9 rupees, the lowest in five years and the worst performance on the MSCI Emerging Markets Index on Monday. The company’s $350m 6.375% notes due 2022 slid to a record low of 80 cents, according to prices compiled by Bloomberg.