INSUBCONTINENT EXCLUSIVE:
DHFL share price today: Dewan Housing Finance jumped from a fresh 52-week high hit earlier in the sessionDHFL or Dewan Housing Finance
Limited shares jumped 6 per cent on Tuesday, a day after the housing finance company said it remains a "strong going entity"
In a regulatory filing during market hours on Monday, Mumbai-based DHFL said that while the sectorial stress is well known for months, the
company has "withstood intense pressure and continues to remain strong and solvent"
Dewan Housing Finance shares opened 4.95 per cent lower on the BSE on Tuesday, and hit a fresh 52-week low of Rs 44.45 apiece during the
session - a level last seen in October 2008, before recovering all of the day's losses.It also said: "Some of the media have used select
portions of our statement and created panic/ confusion especially regarding the statement on the going concern."The company had said on
Saturday that 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"."These developments may raise a significant doubt on
the ability of the company to continue as a going concern," the company said in notes accompanying results for the fourth quarter ending
March 31.In late morning deals on Tuesday, the DHFL stock price climbed to Rs 51.40, marking a gain of 5.98 per cent over the previous
close.In its filing on Monday, DHFL also urged that its entire statement be read in entirety, so that the news is factual and not
sensationalized.Last Saturday, DHFL reported a net loss of Rs
2,223 crore for the January-March period, as against a net profit of Rs
134 crore for the corresponding period a year ago.DHFL separately announced it had defaulted on interest payments worth Rs 28.58 crore on
non-convertible debentures, due on July 6 and July 8.At 10:27 am, DHFL shares traded 3.81 per cent higher at Rs 50.35 apiece on the BSE,
outperforming the broader Sensex index which was up 0.19 per cent.DHFL also said it has met financial obligations to the tune of Rs 41,800
comprehensive resolution "without any haircut to the lenders".DHFL shares have plunged sharply over the past few months amid concerns about
the financial health of the non-banking financial companies (NBFC) sector.As of Monday's closing price, DHFL shares have declined 80.55 per
cent so far this year.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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