The hit scrip on an intraday low of 44.45 Rs Today against Rs 71.25 on July 2019.
Dewan Housing Finance Corporation NSE Shares 2.78 percent (DHFL) may decline for the third straight session Today after reports that the troubled mortgage lender may find it difficult to remain a going concern, according to the company - reports were based on selective quotes from a regulatory filing. work on Best Intraday Tips.
In additional company’s plans by selling assets to remain solvent were not fully disclosed in such reports. “Some media have used select portions of our statement and created panic/confusion especially regarding the statement on the going concern,” said DHFL in a statement. “We urge that the statement be read in entirety so that the news is factual and not sensationalized.”
The scrip hit an intraday low of 44.45 Rs Today against 71.25 Rs on July 2019, indicating a fall of around 38 % in the 3 trading sessions.
"We are closely working with the stake holders and creditors to ensure that there is a comprehensive resolution, without any hair cut to the lenders, as has been speculated by few sections of the media,” said the statement from DHFL.
Investors have been on the edge over the ability of a few non-banking finance companies (NBFCs) to survive the ongoing credit squeeze in the industry. This follows the meltdown of IL&FS last year, which caused mutual funds — the prime lenders to NBFCs — to turn off the tap fearing defaults.
Since then, DHFL has been selling and securitizing assets to meet payment obligations. It has sold assets worth Rs 41,800 crore since September last year. Although it was behind in payments at least once, it managed to pay up within the grace period.
“While the sectorial stress is well known for months, DHFL has withstood intense pressure and continues to remain strong and solvent,” the company said.
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