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Dewan Housing CEO resigns after allegation of mismanagement

Reuters  |  NEW DELHI 

(Reuters) - India's Dewan Housing Finance Corp Ltd, which was hit by claims of financial mismanagement last month, said on Wednesday its Mehta has resigned.

The company's stock has lost over 80 percent of its value since broader concerns over the operations of India's emerged in September.

Investigative Cobrapost said in a report last month loans from Indian state banks were diverted by Dewan to shell companies, including those linked to its controlling shareholders. Dewan has denied the allegations.

(Reporting by Sudarshan Varadhan; Editing by Jan Harvey)

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

First Published: Wed, February 13 2019. 23:42 IST
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