Dewan Housing Finance Corporation Ltd (DHFL) shares fell over 7% intraday in Tuesday's trading session, after the housing finance firm said it defaulted on its financial repayment obligations overall amounting to Rs 1,570 cr with regard to the issuance of bonds and commercial papers on August 19, 2019.
DHFL share price opened at a loss of 6.93% to Rs 45.65 compared with closing price of Rs 49.05 on BSE and later fell 7.85% to the day's low of Rs 45.20, merely 4.35 points away from the 52-week low of Rs 40.85 and 1.05 points away from the day's lower circuit set at Rs 44.15.
DHFL share has traded lower than 5, 20, 50, 100 and 200-day moving average and has registered a fall of over 90% in a year's period. Overall 9.18 lakh shares and 195.5 lakh shares currently exchange hands on BSE and NSE, respectively.
DHFL defaulted on Rs 46.92 cr towards interest amount on secured NCDs (9.92% and 9.40% of 10 years tenure)as well as on NCDs issued through a public issue for multiple tenors of amount involving the interest of Rs 363.77 cr and the principal amount of Rs 1,059.91 cr. Another Rs 100-crore default occurred on unsecured commercial paper.
As per the regulatory filing, the housing finance firm in its special committee meeting on August 6, 2019, had approved the draft resolution plan on the Prudential Framework for Resolution of Stressed Assets and submitted the same to its lenders.
Earlier on Monday, banks that collectively have exposure worth Rs 35,000 cr through loans and debentures to the housing finance firm, agreed on a three-level resolution plan that included conversion of debt to equity and issuance of non-convertible debentures.
As of 2:30 pm, the share price of DHFL trades at 4.59% at Rs 46.70 on both BSE and NSE.