Reliance Home Finance corrects on profit selling

Reliance Home Finance declined 2.52% to Rs 6.50 after the stock doubled in the past fifteen trading sessions.

Shares of Reliance Home Finance soared 101.26% in the past fifteen trading sessions to settle at Rs 6.34 yesterday, 7 November 2019, from its close of Rs 3.15 on 16 October 2019.

Meanwhile, the S&P BSE Sensex was down 154 points or 0.38% to 40,499.56.

After trading hours yesterday, 7 November 2019, National Housing Bank (NHB) has imposed a penalty of Rs 45,000 on the company for contravention of certain provisions of Housing Finance Companies (NHB) directions, 2010.

On a standalone basis, Reliance Home Finance reported net loss of Rs 111 crore in Q2 September 2019 compared with net profit of Rs 75 crore in Q2 September 2018. Net sales tanked 26.1% to Rs 343 crore in Q2 September 2019 over Q2 September 2018.

 

Reliance Home Finance is engaged in the house finance business.The firm provides a range of solutions, such as home loans, loan against property (LAP), construction finance and affordable housing loans. It also provides property solutions services.

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