One of the Wadhawan brothers today sought to end the whisper campaign in the market about HDIL, which has been in the spotlight for all the wrong reasons.
Dewan Housing Finance Ltd (DHFL) promoter Kapil Wadhawan, who is the cousin of Sarang Wadhawan, vice chairman and managing director of HDIL, today said his he company does not have any pledge on HDIL’s shares and there was no holding of any shares between promoters of both the companies.
There was a buzz in the market that the DHFL promoters hold some stake in HDIL and could offload the stock, after the HDIL stock crashed 38 per cent in the last four trading sessions.
The HDIL stock started crashing after its Sarang Wadhawan sold one per cent stake in the secondary market for Rs 57 crore to meet some land payment obligations.
A DHFL spokesperson said “the promoters of these two companies have effected separation agreement four years ago. It is unfortunate that DHFL because of this perception is being linked to HDIL. DHFL’s promoters do not have any pledge on their shares and there is no holding of any shares between promoters of both entities.”
The clarification seems to have calmed market nerves. The DHFL stock, which fell initially, ended the day at Rs 197.40, nearly 2.07 per cent up from Thursday's close. HDIL shares rose 10.5 per cent to end the day at Rs 82.50.