Continuing downtrend, shares of Dewan Housing Finance Corporation Ltd (DHFL) Friday plunged over 11 per cent following rating downgrade.
Shares of DHFL plummeted 11.08 per cent to close at Rs 83.50 on the BSE. Intra-day, the stock tumbled 14 per cent to touch its 52-week low at Rs 80.75.
On the NSE, shares tanked 11.33 per cent to close at Rs 83.30.
Shares of DHFL had plunged nearly 16 per cent Thursday also.
DHFL, the third-largest pure-play mortgage lender, has received rating downgraded on its Rs 850 crore worth commercial papers (CPs) to default grade by Crisil and Icra due to delay in meeting its obligations.
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The mortgage lender had defaulted on bond repayments on June 4.
After defaulting on its debt obligations, crisis-hit DHFL Friday said it is taking all necessary steps to meet repayments within the seven-day grace period and prevent any future default.
Crisil, in a note, said the downgrade to 'default' or 'D' reflects delays in debt servicing by DHFL on some of its non-convertible debentures (NCDs) because of inadequate liquidity. The payments were due on June 4, 2019.
In a separate note, Icra said, "The rating revision factors in further deterioration in company's liquidity profile and delays in meeting scheduled debt obligation on June 04, 2019.
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