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Shares of Indiabulls Financial Services Ltd are on a downward spiral. The shares have lost as much as 23 per cent over the last one-month period from Rs 257.70 to Rs 197.95. On Monday, the shares slid by about four per cent.

The buzz in market circles is that Indiabulls was among 15 broking outfits that received a NSE notice on the ownership of shares pledged with the exchange.

NSE asked the broking outfit to submit auditor's certificate on ownership of shares pledged with the stock exchange by July 31.

Another buzz doing the rounds is that a foreign broking firm, which was interested in picking up a stake in Indiabulls, decided against it saying the outfit was "over staffed".

Reports indicated that the company had trimmed its staff strength in recent weeks after the adverse comment by the foreign broking firm.

Rajesh Abraham

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