Shares In Indiabulls Financial Services slumped as mush as 7.2 percent on Friday after 21.9 million shares changed hands at an average price of around 284.03 rupees in more than a dozen block deals on both National Stock Exchange and BSE.

On Thursday Indiabulls launched a share sale for institutional investors to raise up to 4.48 billion rupees, according to a term sheet obtained by Reuters.

At 11:20 a.m., shares were down 4.7 percent.