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DHFL Shares Hit Lower Circuit as Edelweiss Moves Bombay High Court for Recovery of Dues

DHFL shares hit lower circuit as well as 52-week low on both the stock exchanges and settled on the same. DHFL has been severely impacted by the NBFC crisis which unfolded late last year following the IL&FS bankruptcy.

PTI

Updated:October 10, 2019, 7:23 PM IST
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DHFL Shares Hit Lower Circuit as Edelweiss Moves Bombay High Court for Recovery of Dues
File photo of DHFL logo (Image : Reuters).

New Delhi: Shares of DHFL continued with its downtrend as it tumbled nearly 10 per cent and hit its lower circuit limit on Thursday after Edelweiss Asset Management Ltd approached the Bombay High Court for recovery of dues from the troubled firm.

The stock nosedived 9.98 per cent to close at Rs 23.45 on the BSE. On the National Stock Exchange, the scrip tanked 9.96 per cent to settle at Rs 23.50. The shares hit lower circuit as well as 52-week low on both the stock exchanges and settled on the same.

Shares of DHFL have been on a decline since October 4, and have lost as much as 24.96 per cent since then. In a clarification to the exchanges on Thursday, Edelweiss Financial Services said its subsidiary Edelweiss Asset Management Ltd has approached the Bombay High Court for recovery of principal and interest dues from DHFL.

"Our subsidiary, Edelweiss Asset Management Limited, (which has various schemes of mutual funds) has approached the Mumbai high court for recovery of principal and interest dues from DHFL, in line with action taken by other peers in the industry," Edelweiss Financial Services said in a BSE filing on Thursday.

Meanwhile, leading depository CDSL freezed shareholding of the promoters of debt-ridden mortgage lender DHFL due to delay in announcement of the company's financial earnings, sources had said earlier.

DHFL, which has been severely impacted by the NBFC crisis which unfolded late last year following the IL&FS bankruptcy, has defaulted on multiple commitments.

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