You are here: Home » PTI Stories » National » News
Business Standard

DHFL shares fall nearly 5 pc after NCLT admits RBI's petition

Press Trust of India  |  New Delhi 

Shares of Dewan Housing Finance Corporation on Tuesday fell nearly 5 per cent to hit lower circuit after NCLT admitted the RBI's petition to initiate insolvency proceedings against the mortgage firm.

Shares of the troubled firm fell 4.82 per cent to trade at Rs 18.75 on the BSE.

On the NSE, the stock fell 4.81 per cent to Rs 18.80.

The National Company Law Tribunal (NCLT) on Monday admitted the Reserve Bank's petition to initiate insolvency proceedings against mortgage player DHFL, making it the first financial services firm to be resolved through the bankruptcy code.

The move came in after the Reserve Bank last Friday referred DHFL to the NCLT Mumbai to resolve the debt crisis at the third largest pure-play mortgage player, which owes close to Rs 1 lakh crore to the system, mostly to banks and retail investors of its debt instruments.

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

First Published: Tue, December 03 2019. 10:35 IST
RECOMMENDED FOR YOU