INSUBCONTINENT EXCLUSIVE:
DHFL share news: Dewan Housing Finance Corp Ltd shares on Monday nosedived as much as 32%DHFL or Dewan Housing Finance Corp Ltd shares on
DHFL's share price touched an intraday low of Rs 46.70
It had closed at Rs 68.45 on Friday
The fall came after the housing finance company on Saturday said that it may not survive
The company said it was "undergoing substantial financial stress" and its ability to raise funds was "substantially impaired and the
business has been brought to a standstill with there being minimal/virtually no disbursements."Meanwhile, today DHFL informed exchanges that
it was working closely with its creditors and stakeholders on a resolution plan that would not require its lenders to take a haircut."While
the sectoral stress is well known for months, DHFL has withstood intense pressure and continues to remain strong and solvent
DHFL has also cleared significant amount of obligation to the tune of Rs
41,800 crore since September 2018," DHFL said in a statement.DHFL posted a net loss of Rs
2,223 crore ($324.3 million) during January-March compared with a profit of Rs
28.58 crore on non-convertible debentures, due on July 6 and July 8.The shadow banking sector has been in turmoil since September as
Infrastructure Leasing and Financial Services (IL-FS) defaulted, sparking fear of contagion risk.DHFL's shares closed at Rs 48.50, down
29.15 per cent on the BSE underperforming Sensex which closed up 0.41 per cent at 38,896.71
On the NSE, DHFL's shares were closed lower 29.75 per cent at Rs 48.10.(With agency inputs)Get Breaking news, live coverage, and Latest
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