DHFL crashed 10.66% to Rs 99.70 at 9:56 IST after ICRA, CRISIL, CARE Ratings and Brickwork Ratings downgraded credit ratings on commercial papers of DHFL to 'D' owing to liquidity concerns.
The announcement was made on Wednesday, 5 June 2019
The stock has hit a 52-week high of Rs 690 on 3 September 2018 and a 52-week low of Rs 94.90 today, 6 June 2019. 18.28 lakh shares were traded on the counter so far as against the 2-week average of 25.15 lakh shares.
Meanwhile, the S&P BSE Sensex was trading down 100.54 points or 0.25% at 39,983.
DHFL clarified to the bourses on 5 June 2019, that the action by the rating agencies is extremely surprising as the company has been making & continues to make substantial efforts in ensuring no defaults on any bonds, repayment of its financial obligations. These actions are unwarranted and the company is seeking clarification on the rationale that predicts DHFL's inability to service payouts on the due dates. Such speculative rating rationale is not adequate.
Since September 2018, DHFL has repaid close to Rs 40,000 crore of financial obligation. To ensure adequate liquidity to meet the repayments, DHFL also sold its strategic retail assets including Aadhar, Avanse and DHFL Pramerica Asset Managers. The company is committed towards ensuring repayment of all its obligations as well as on-boarding the strategic partner for its business, DHFL added.
DHFL is a housing finance company. It provides customers with a vast array of home loan products including loans on homes, residential plots, construction, LAP or loan against property as also mortgage, non-residential and project loans.
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