DHFL slips after default on interest payment

Dewan Housing Finance Corporation was down 2.16% to Rs 47.35 at 11:48 IST on the BSE after the company defaulted on two non-convertible debentures interest worth Rs 35 lakh which were due on 31 July and 1 August.

The announcement was made after market hours yesterday, 1 August 2019.

Meanwhile, the S&P BSE Sensex was down by 224.08 points or 0.61% at 36,793.24.

On the BSE, 19.24 lakh shares were traded in the counter so far compared with average daily volumes of 34.58 lakh shares in the past two weeks. The stock had hit a high of Rs 48.75 and a low of Rs 45.75 so far during the day. The stock hit a 52-week high of Rs 690 on 3 September 2018 and a 52-week low of Rs 44.45 on 16 July 2019.

Dewan Housing Finance Corporation (DHFL) stated that it is in discussions with its bankers for restructuring its liabilities and is working on a resolution plan to be submitted to the lenders.

DHFL reported a net loss of Rs 2223.41 crore in Q4 March 2019 over a net profit of Rs 134.35 crore in Q4 March 2019. The company's total income increased 9.3% to Rs 3111.34 crore in Q4 March 2019 over Q4 March 2018.

DHFL provides customers with a vast array of home loan products including loans on homes, residential plots, construction, LAP or loan against property as also mortgage, non-residential and project loans.

Powered by Capital Market - Live News