(Reuters)
(Reuters)

Dewan Housing shares fall after CEO resigns

  • Dewan shares have lost nearly 50 percent of their value since allegations of financial mismanagement late last month
  • DHFL on Wednesday said its CEO Harshil Mehta has decided to resign from his position with immediate effect

MUMBAI: Shares in Dewan Housing Finance Corp Ltd (DHFL) fell as much 6.5 percent on Thursday morning after the home loan provider's chief executive Harshil Mehta resigned.

Dewan shares have lost nearly 50 percent of their value since allegations of financial mismanagement by investigative media outlet Cobrapost late last month.

Dewan denied the allegations and held a conference call on Feb. 4 to assuage its investors on liquidity concerns, saying it was keen to sell assets and some of its businesses.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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