Hi Vizzie...yes it's taking a beating now and for a while now, all on the back of bad media.
It is under Sebis scanner for its role in price manipulation of small-cap (or penny) stocks, a charge the company denies.
More recently, yesterday, there were IT raids in Bombay on a few brokerages including Indiabulls. This is causing the price action today.
With revenues of Rs 168 crore, the company is a biggest story in the countrys financial markets. In less than five years it has notched up a client base of 150,000, profit growth of 100 per cent plus (Rs 56 crore in 2004-05) and sky-rocketing net worth (Rs 1,300 crore, as of now). Quarter on quarter they have been giving blockbluster results.
That Indiabulls is a dead steal at current price is my opinion. Past all this media hype, the market correction, and when SEBI's knee-jerking ceases, it should begin to move strong.
Just today I added some more at 148, but I'm certainly not giving a buy on it here...this my own personal action.
It would look weak in the 130-140 band, and below 130, a certain sell off.
Hope this helps.