New Delhi: Shares of DHFL bounced back sharply Monday, surging 25 per cent after a massive selling spree on fears of a liquidity crisis Friday. Also Read - Sensex Drops Over 200 Points in Early Trade; Nifty Slips Below 12,900
The stock, after a positive opening, further jumped 24.80 per cent to Rs 438.75 on BSE. Also Read - Sensex Closes at Record High of 43952, Nifty Surges 93.95 Points to 12874.20
On NSE, shares of the company zoomed 24.98 per cent to Rs 438.15. Also Read - Sensex Opens at an All-time High, Crosses 43,400 Level; Nifty at 12,700
The scrip of Dewan Housing Finance Corporation Friday went into a tailspin, nosediving 42.43 per cent to end at Rs 351.55 on the BSE. Intra-day, it cracked 59.67 per cent to Rs 246.25 — its 52-week low.
Following the slump in share price, Kapil Wadhawan, CMD of DHFL, had said the market movement had come as a big surprise to not only the company but also to the industry at large.
“We wish to categorically state that DHFL has not defaulted on any bonds or repayment nor has there been any single instance of delay on any of its repayment of any liability. We do not have any exposure with IL&FS,” he said.
He said company’s fundamentals are strong.
DHFL Sunday said it proposes to reduce exposure to commercial paper (CP) as part of overall borrowing plan and increase hedging activity.