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DHFL shares fall for fifth straight day; tumble 18.5%

Press Trust of India  |  New Delhi 

Shares of Dewan Housing Finance Corporation Ltd (DHFL) continued to face heavy selling pressure for the fifth straight session Friday, and closed with a sharp fall of 18.5 per cent, amid a string of negative report surrounding the firm.

DHFL shares crashed 17.96 per cent to close at Rs 111.45 on the BSE. Intra-day, it plummeted 23.92 per cent to Rs 103.35 -- its one-year low.

On NSE, shares cracked 18.46 per cent to close at Rs 110.80.

In five trading sessions, the shares have fallen sharply by 46.72 per cent, wiping out Rs 3,067.44 crore from its market valuation on the BSE.

Mortgage firm DHFL Thursday appointed a chartered accountant firm to examine allegations made by portal Cobrapost that the NBFC, through shell companies, has siphoned out Rs 31,000 crore.

The corporate affairs ministry has started inquiring into allegations of DHFL diverting Rs 31,000-crore loans and would seek more information from the housing finance firm, a senior official said.

Meanwhile, DHFL has termed the report as mischievous with a mala fide intention.

The housing finance company on January 25, reported a 36.7 per cent decline in net profit to Rs 313.60 crore for the third quarter ended December 2018.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 01 2019. 16:36 IST