Stocks

DHFL falls in choppy trade ahead of audited results

Reuters July 22 | Updated on July 22, 2019 Published on July 22, 2019

DHFL stock continued to rally for second day in a row. File Photo   -  Reuters

Shares in troubled mortgage lender DHFL down 2 per cent at Rs 52.40 amid a broader sell-off in shares.

The stock had earlier risen up to 4 per cent after opening.

According to reports, AION Capital is to pick up majority stake in DHFL in a $1.5-billion capital infusion; and the deal is likely to be announced on Monday.

The stake of DHFL's promoter family would fall to 10 per cent, and the deal may not involve haircut for lenders, the report said.

A DHFL representative did not immediately respond to Reuters' calls seeking comment.

DHFL, the country's fourth-largest housing finance company, warned this month that its financial situation was grim and business had ground to a halt.

Separately, the company is expected to report audited March-quarter results on Monday. Shares in DHFL have slid 78 per cent this year.

Published on July 22, 2019
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