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Shares in Dewan Housing Finance Corp Ltd (DHFL) plunged on Monday to their lowest in over five years as claims of financial mismanagement and broader sectoral woes continue to plague the home loan provider.
Investigative media outlet Cobrapost had alleged last week that loans from Indian state banks were diverted by Dewan to shell companies , including those linked to its controlling shareholders. Dewan has, however, denied lending to shell companies and said it had not received any communication from the government in relation to an investigation.
Separately, Dewan said on Saturday it would sell a 9.15 per cent stake in housing finance firm Aadhar Housing Finance Ltd to private equity funds managed by Blackstone Group LP. Wadhawan Global Capital will also sell its 70 per cent stake in Aadhar Housing to Blackstone.
Also read: CARE downgrades DHFL’s bond, other programmes
Dewan's shares fell as much as 13 per cent to Rs 96.8 on Monday, their lowest since Dec. 23, 2013. They were last down 5.8 per cent at Rs 104.90 as of 0400 GMT.
The share ended Monday's session at Rs 116.10, up Rs 4.65 (+4.17%) on the BSE.
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