DHFL stock plunges 12% on delay in financial results

  • During the day, the scrip touched a low of 13.78% to 70.70
  • DHFL says the results' delay is because of non-availability of a few directors for participation in meetings of the audit committee and the board for approving the results

Shares of Dewan Housing Finance Ltd (DHFL) Friday plunged nearly 12% after the cash-strapped firm postponed announcement of its financial results by two weeks.

The scrip fell 11.75% to close at 72.10 on the BSE. During the day, it touched a low of 13.78% to 70.70

At the NSE, shares of the company declined 10.85% to close at 72.70.

In terms of traded volume, 37.31 lakh shares were traded on the BSE and over 4.56 crore shares changed hands on the NSE during the day.

DHFL Friday said it is delaying announcement of quarterly results due to certain unforeseen issues, including non-availability of a few directors for participation in meetings of the audit committee and the board for approving the results.

The non-banking finance company has been facing liquidity crisis and has recently defaulted on its repayment obligations.

The company has resorted to various modes of fund mop-up including selling stake in subsidiary firms to meet its debt obligations.

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