DHFL slips after defaulting on commercial papers repayment

DHFL was down 1.72% to Rs 74.10 at 09:43 IST on the BSE after the company said it managed to meet 40% of its Rs 375-crore repayment commitment toward commercial papers.

The announcement was made after market hours yesterday, 25 June 2019.

Meanwhile, the S&P BSE Sensex was up by 161.11 points, or 0.41% to 39,596.05.

On the BSE, 12.01 lakh shares were traded in the counter so far compared with average daily volumes of 39.87 lakh shares in the past two weeks. The stock had hit a high of Rs 75.45 and a low of Rs 68.70 so far during the day. It hit a 52-week high of Rs 690 on 3 September 2018 and a 52-week low of Rs 60 on 19 June 2019.

DHFL said that out of the aggregate amount of Rs 375 crore, Rs 150 crore, or 40%, has been paid on a proportionate basis and the balance amount of Rs 225 crore will be paid once the surplus cash flow position improves over the next couple of days.

The company added that it is already in the process of selling down its loan assets including wholesale project loans to make good all its obligations and maintain its 100% commitment to all its creditors.

DHFL's net profit fell 36.7% to Rs 313.60 crore on a 12.4% rise in the total income to Rs 3255.89 crore in Q3 December 2018 over Q3 December 2017.

DHFL provides loans to retail customers for construction or purchase of residential property, loans against property.

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