Photo: Mint
Photo: Mint

NBFC stocks tumble, DHFL drops nearly 8%

  • On the BSE, Indiabulls Housing Finance falls 4.34%, Edelweiss Financial Services drops 7.05% and Piramal Enterprises slips 7.48%
  • On the NSE, DHFL stock settles at Rs29.15, down 6.57%

NEW DELHI : Shares of non-banking financial companies, including DHFL, took a beating on Monday as investors continued to remain concerned about the liquidity crunch in the sector.

Among others, stocks of Indiabulls Housing Finance, Indiabulls Ventures, Piramal Enterprises and Edelweiss Financial Services also closed in the red.

Shares of the troubled DHFL closed 7.52% lower at Rs28.90 apiece on the BSE. Intra-day, the stock lost as much as 8.48% at Rs28.60.

On the NSE, the DHFL stock settled at Rs29.15, down 6.57% over its previous close. During the day, the scrip lost 8.33% at Rs28.60.

Indiabulls Housing Finance stock too took a beating, shedding as much as 13.22% to touch its 52-week low at Rs213. However, the stock settled 4.34% lower at Rs234.80.

Similarly on the NSE, the company stock declined 12.94% to its 52-week low at Rs213.50 during the day. It settled 3.77% lower at Rs236.

Indiabulls Ventures stock hit its lower circuit as well as 52-week low on both stock exchanges. On the BSE, it settled at Rs99.10 and on the NSE, it closed at Rs100.10.

Edelweiss Financial Services scrip lost 7.05% to close at Rs78.50. Intra-day, it touched 52-week low at Rs76.30, down 9.65%. On the NSE, the stock hit 52-week low at Rs76.30 in the intra-day trade. The stock settled 7.80% lower at Rs78. Piramal Enterprises stock also nosedived to its lower circuit as well as 52-week low at Rs1,436.95 on the BSE. However, the stock closed at Rs1477.10, down 7.48% over its previous close.

On the NSE, the stock settled 7.97% lower at Rs1,470. It also touched its 52-week low at Rs1,467.20.

Crisil on Friday downgraded Edelweiss Financial Services' long-term debt instruments amid concerns over operating environment for NBFCs.

While downgrading, Crisil noted that although the group has been raising resources on an ongoing basis since September 2018, the overall fund raising remains significantly below pre-September 2018 levels.

DHFL, which has been severely impacted by the NBFC crisis which unfolded late last year following the IL&FS bankruptcy, has defaulted on multiple commitments.