DHFL slips after joint MD, CEO Harshil Mehta resigns

Dewan Housing Finance Corporation fell 1.40% to Rs 109 at 9:50 IST on BSE after the company said that its joint managing director & CEO Harshil Mehta resigned on Wednesday with immediate effect.

Meanwhile, the S&P BSE Sensex was down 61.14 points, or 0.17% to 35,972.97.

On the BSE, 6.78 lakh shares were traded in the counter so far compared with average daily volumes of 50.19 lakh shares in the past two weeks. The stock had hit a high of Rs 109.40 and a low of Rs 104 so far during the day. The stock hit a 52-week high of Rs 690 on 3 September 2018. The stock hit a 52-week low of Rs 97 on 4 February 2019.

Dewan Housing Finance Corporation (DHFL) announced after market hours yesterday, 13 February 2019, that due to full-time engagement with other assignments within the company, Harshil Mehta, has expressed his desire to resign from the position of whole time director (designated as joint managing director & CEO) from the board of directors of the company with immediate effect. However, he would continue to be associated with the company and shall hold the designation of executive president-retail business with effect from 14 February 2019. The board of directors of the company have accepted his aforesaid resignation from the board with effect from 13 February 2019.

The nomination and remuneration committee of the board of directors of the company has recommended to the board the appointment of Sunjoy Joshi as an independent director and Srinath Sridharan as a non-executive director of the company subject to receipt of requisite approvals from the regulatory authorities.

Net profit of Dewan Housing Finance Corporation declined 36.70% to Rs 313.60 crore on 12.40% rise in total income to Rs 3255.89 crore in Q3 December 2018 over Q3 December 2017.

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

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