DHFL slumps after deferring Q4 results

DHFL fell 11.75% to settle at Rs 72.10 on BSE after the company said it will defer the announcement of its fourth quarter result by two weeks.

The announcement was made during trading hours today, 28 June 2019.

Meanwhile, S&P BSE Sensex was down 191.77 points or 0.48% at 39,394.64.

On BSE, 37.31 lakh shares were traded in DHFL counter, compared to a 2-week average of 41.58 lakh shares. The share price hit an intraday high of Rs 82 and an intraday low of Rs 70.70. 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 was expected to announce its Q4 result on 29 June earlier. On Friday, it said that the board of directors will meet to consider the fourth quarter result on 13 July.

On 25 June 2019, DHFL announced that it managed to meet only 40% of its Rs 375-crore repayment commitment toward commercial papers. 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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