not to rebutt you or speak in favour of indiabulls, but i suggest put numbers to justify your statements:
1. not only IB, most stock across world stock markets are down 50-90*
2. indiabulls real estate is only company with 3,500 crore in cash and no extra lending requirment till 2010. so, they are the lone survivors, when everyone is bagging for credit.
3.they have not chased real estate bubbles, but smartly, only bot land in metro, where in long term demand always remain strong.
4. their investment in retails in pittance for whole group. in any case, they have closed down 50% of stores. so, loss will go down. theywill only expand, when mkt sentiment is right.
5. they are one of few companies in stock mkts wit defaults.

but inspite of this, there are negatives too:
1. indiabulls sec: no institutional presence. which means since retails people have lost money and will take time to come back to stock mkts. co. is in tough time for 2-4 yrs, unless they expand quickly into institutional broking business.

2. indiabulls real : no completed project till date. only project closer to completion are almostone year late. two mills project in mumbai( i personally did servey of projects)

3. indiabulls fin: with tight lending, no extra business, means profits will go down. in case their cost of fund is high now.

all in all, mgmt will need to show their smartness to still grow.
but i think that`s true for all companies....