DHFL stock falls over 10% after Cobrapost allegations

MUMBAI: Dewan Housing Finance Corp (DHFL) continued to witness heavy selling pressure on Wednesday, falling over 10 per cent, a day after news website Cobrapost claimed that the primary promoters of DHFL siphoned off over Rs 31,000 crore of public money.

During the afternoon session on BSE, the DHFL stock recovered somewhat and was trading 5.47 per cent lower at Rs 160.75 per share. The scrip had slumped at one point over 10 per cent to touch a low of Rs 153.50 per share.

On Tuesday, the Cobrapost website alleged that DHFL promoters routed money through dubious companies and parked it outside India to acquire assets, following which the company’s scrip closed more than 8 per cent lower than its previous close.

[also_read url=”https://www.siasat.com/news/indias-biggest-corruption-scandal-cobrapost-accuses-dhfl-rs-31000-cr-scam-1461486/”]India‚Äôs biggest corruption scandal: Cobrapost accuses DHFL of Rs 31,000-cr scam[/also_read]

The company on Tuesday rejected the Cobrapost allegations, calling them “mischievous misadventures” done with mala fide intent. DHFL said it had met all its obligations to its lenders by paying them back over Rs 17,000 crore in the last three months.