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Indiabulls Real Estate rallies on share buyback speculation

Reuters Market Eye - Shares in Indiabulls Real Estate (NSI:IBREALEST.NS - News) gain as much as 5.7 percent on widespread market speculation that the company was considering a share buyback, according to traders.

Traders cited speculation that Indiabulls plans to buy back 8 billion rupees worth of shares.

An Indiabulls executive did not confirm or deny the speculation.

"All measures to protect shareholder value are on the table subject to regulatory and board approval," said Ajit Mittal, group executive director, Indiabulls Group.

(Reporting by Abhishek Vishnoi)