Canada based Research group Veritas has issued a research report about Indiabulls group. The report has suggested investors to fight a legal battle as the company management was following dubious accounting practices.

The stock price of various companies under Indiabulls group crashed between 5-10 per cent during the trading session. Veritas report claims that the public shareholders were at the losing end in the merger deal of Indiabulls Infra with Indiabulls Power.

Indiabulls Power witnessed high volume and the stock touched low of Rs 11.80 during the trading session to end the day at Rs 13, down by 3.7 per cent. Indiabulls Real Estate declined marginally during the end of the session, the stock touched low of Rs 46 during the trading session.

Indiabulls Financial Services ended the day at Rs 209, recovering smartly from day's low of Rs 188. The stock witnessed high volume of 10 million shares on NSE compared to 30-day average volume of 0.6 million shares. In his previous research reports, Neeraj Monga of Veritas has downgraded Reliance Communications, Kingfisher Airlines and DLF. The three stocks faced turbulent times after research reports were released and Veritas accused the companies of following dubious accounting practices.

For the trading session, the stocks of various companies under Indiabulls Group have managed to close with moderate decline. However, looking at the volume of shares traded, it is quite obvious that many investors have cut their long term positions.

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