The stock nosedived 10.02 percent to settle at Rs 643.85 on BSE. During the day, it plunged 17.46 percent to Rs 590.60.

On NSE, shares of the company tumbled 10.21 percent to
Rs 643.50.

The company's market valuation declined by Rs 2,919.23 crore to Rs 27,078.77 crore.

The announcement was made yesterday when the domestic bourses were closed for Diwali.

"Pursuant to all applicable regulatory approvals from relevant regulators in lndia and the UK... Indiabulls Housing Finance Ltd is investing USD 100 million for 39.76 percent stake in OakNorth Bank, a licensed UK commercial Bank,'' Indiabulls Housing said in a regulatory filing yesterday.

It further said, "Sameer Gehlaut, Chairman of the company, will be investing in his personal capacity up to 10 percent stake in OakNorth Bank at the same valuation."

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