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DHFL Shares Plummet 20% Amid Concerns Over Exposure to HDIL, PMC Bank

Debt-laden housing financier DHFL on Tuesday said it has no exposure to HDIL and Punjab & Maharashtra Co-operative Bank (PMC), and cautioned against misleading reports that can trigger panic.

PTI

Updated:October 1, 2019, 5:20 PM IST
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DHFL Shares Plummet 20% Amid Concerns Over Exposure to HDIL, PMC Bank
File photo of DHFL logo (Image : Reuters).

New Delhi: Dewan Housing Finance Corporation Limited (DHFL) shares plummeted 20 per cent on Tuesday amid concerns over its possible exposure to HDIL and Punjab & Maharashtra Co-operative Bank.

The scrip tanked 19.90 per cent to close at Rs 31 — its lower circuit and 52-week low — on the BSE. On the NSE, the scrip nosedived 20 per cent to Rs 31 -- its lower price band and one-year low.

Debt-laden housing financier DHFL on Tuesday said it has no exposure to HDIL and Punjab & Maharashtra Co-operative Bank (PMC), and cautioned against misleading reports that can trigger panic. There have been speculations or rumour mongering about DHFL and possible exposure to Housing Development and Infrastructure Ltd (HDIL)/ PMC Bank, it said in a regulatory filing.

"DHFL does not have any exposure to either of them. We would urge everyone to be responsible and not report/state anything incorrect and baseless, which can cause panic amongst the stakeholders in DHFL, especially when the company is in discussions with various stakeholders for finalisation of its debt resolution plan," it said.

Also, DHFL's promoter family had separated from HDIL promoters in 2008, and the separation was effected formally by a family-separation agreement in April 2010, it said. Shares of HDIL fell 5 per cent to its lower circuit at Rs 3.68 on the BSE following the PMC Bank crisis.

The Mumbai Police on Monday filed a case against the former bank management and promoters of HDIL in the PMC Bank case and said a special investigation team will be probing the case. Crisis hit HDIL on Tuesday said that loans taken from banks including PMC Bank were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors.

DHFL said it has no exposure to HDIL and Punjab & Maharashtra Co-operative Bank, and cautioned against misleading reports that can trigger panic. There have been speculations or rumour mongering about DHFL and possible exposure to Housing Development and Infrastructure Ltd (HDIL)/ PMC Bank, it said in a regulatory filing.

"DHFL does not have any exposure to either of them. We would urge everyone to be responsible and not report/state anything incorrect and baseless, which can cause panic amongst the stakeholders in DHFL, especially when the company is in discussions with various stakeholders for finalisation of its debt resolution plan," it said.

Also, DHFL's promoter family had separated from HDIL promoters in 2008, and the separation was effected formally by a family-separation agreement in April 2010, it said.

"Pursuant to this, the promoters of DHFL & HDIL, and HDIL ceased to be promoters of each other's companies," it added.

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