Shares of Indiabulls Housing Finance fell 5% to Rs 101.8 on the BSE in intraday trade on Thursday, posting a fifth consecutive session of losses. Including today’s drop, the stock is down 13.6% over the past five days. In contrast, the BSE Sensex fell 3%.

Meanwhile, stocks slumped on Thursday as the BSE and National Stock Exchange approved the reclassification of Sameer Gehlaut and his trust from the “promoter” to the “public” shareholder category.

Through the reclassification, promoters’ shareholding in the company was reduced from 9.6% to zero, while public shareholding increased from 90.34% to 100%.

Sameer Gehlaut owns 500,000, or 0.11%, of the company, according to data provided by the exchange. Inuus Infrastructure holds 5.97%, and Sameer Gehlaut IBH Trust has 3.58%.

Meanwhile, Indiabulls Housing’s consolidated net profit slipped to Rs 291 crore in the December quarter of FY23 from Rs 303 crore at the end of Q3FY22. Profit subsequently fell from Rs 289.5 crore. Operating income slipped to Rs 2,339.7 crore from Rs 2,274.36 crore year-on-year and Rs 2,229.78 crore quarter-on-quarter.