Stocks

DHFL sees best session in over 10 months

Reuters August 19 | Updated on August 19, 2019 Published on August 19, 2019

Shares of Dewan Housing Finance Corp Ltd (DHFL) rise as much as 14.5 per cent to ₹52.45, their biggest daily percentage gain since October 16, 2018.

Lenders to DHFL have agreed on a three-level resolution plan that includes conversion of debt to equity and issuance of non-convertible debentures, according to media reports. Consortium of banks led by Union Bank of India is toying with the idea of taking a majority stake in the firm, reports added.

DHFL did not comment on either of the reports.

Separately, RBI Governor said at an industry event that ”we will not hesitate to take any steps for the stability of the non bank sector”.

Around 25 million shares change hands, 29.4 times their 30-day average of 852,006. The stock hits its highest since Jan 28. At 12.45 pm, the stocks of DHFL were trading 11.33 per cent higher at ₹51.10.

Published on August 19, 2019
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