DHFL shares fall to over five-year low1 min read . Updated: 04 Feb 2019, 10:26 AM IST
- DHFL shares fell as much as 13% to ₹96.8 today
- The company on Saturday it would sell a 9% stake in Aadhar Housing Finance to private equity funds
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% 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% stake in Aadhar Housing to Blackstone.
Dewan's shares fell as much as 13% to ₹96.8 on Monday, their lowest since December 23, 2013. They were last down 5.8% at ₹104.90.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)