DHFL tanks over 30% in four days on funds selling; stock hits two-year low

The stock hit its lowest level since June 24, 2016 at Rs 191, falling 32% in past four trading days on the NSE.

Shares of Dewan Housing Finance Corporation Limited (DHFL) has dipped 9% to Rs 191 on the National Stock Exchange (NSE) in intra-day trade, falling more than 30% in past four trading sessions on funds selling.

Since October 15, in past four trading days, DHFL tanked 32% from Rs 282, as compared 1.3% decline in the Nifty 50 index. The stock is trading at its lowest level since June 24, 2016, on the NSE.

Pension Reserves Investment Trust Fund and Jasmine Capital Investments Pte Ltd had sold a combined 13.82 million equity shares worth of Rs 3,227 million in past three trading days till Friday.

On Friday, October 19, Jasmine Capital Investments Pte offloaded 8.25 million shares at price of Rs 213.13 per share through block deal on the NSE, the exchange data shows.

On Wednesday, October 16, Pension Reserves Investment Trust Fund sold 3.05 million shares at Rs 277.94 per share, followed by 2.52 million shares at Rs 245.92 per share on October 17, the bulk deal data showed.

Meanwhile, the mutual funds holding in DHFL has declined by 3.98 percentage points in the September quarter, as per the shareholding pattern filed by the company. Mutual funds holding in the company stood at 2.94% at the end of September quarter against 6.92% in June quarter.

The stock of housing finance company plunged 72% from Rs 678 level on September 3, as the crisis at Infrastructure Leasing & Financial Services (IL&FS) created panic and triggered a sell-off in non-banking financial stocks. In comparison, the benchmark index was down 10% during the same period.

At 01:23 PM; DHFL was trading 8% lower at Rs 194 on the NSE, as compared to 0.24% rise in the Nifty 50 index. A combined 38.15 million equity shares changed hands on the counter on the NSE and BSE so far.