Piramal Enterprises denies loan defaults by Lodha, Omkar, Vatika and others

Piramal Enterprises (PEL) issued a strong denial of speculation on loan defaults by realty developers to itself and to subsidiary Piramal Capital and Housing Finance (PCHFL). On Friday, these rumours had pushed the PEL stock down 10 per cent on the National Stock Exchange, to Rs 1,890, and by 9.7 per cent to Rs 1,894.7 on the BSE.

The rumours were on alleged defaults by Lodha, Omkar, Vatika, Embassy, Radius, Nahar, Aristo and Supertech, among other property developers. The speculation was perhaps linked to the National Housing Board (NHB) starting its annual inspection of PCHFL. PEL noted the NHM exercise