Dewan Housing Finance share price fell 5% intraday to hit a fresh 52-week low of Rs 18.45 after bourses asked for clarification on the forensic audit report by KMPG that found fund diversion of around Rs 20,000 crore by the mortgage lender to private entities of the promoters.
DHFL shares opened with gap-down chart pattern at Rs 18.50 and were locked at 5% circuit at Rs 18.45 on the BSE, against their earlier close of Rs 19.40.
Overall, 0.72 and 5.5 lakh shares changed hands on BSE and NSE, respectively. DHFL stock price trades lower than 5, 20, 50, 100 and 200-day moving averages.
The stock has been hitting 5% lower circuit for the last three sessions a and hence lost around 14-15% value. As per market depth data on BSE, there were only 1.2 lakh offers and no buyers bidding for the stock.
Business Today earlier reported that as per the forensic audit of the company by KPMG, DHFL had lent Rs 14,000 crore to about 25 group companies, which had posted an average profit of about Rs 1 lakh.
The forensic audit further revealed that current outstanding loans and ICDs (inter-corporate deposits) to the above-mentioned 25 entities from DHFL totalled Rs 13,000 crore. Loans amounting to Rs 7,000 crore to 15 of them were not classified as non-performing assets (NPAs) by DHFL despite their repayments being overdue. The report added that these group companies had invested Rs 4,000 crore in purchasing preference shares of some other entities. Moreover, some of DHFL's related-party transactions were not approved by its audit committee.
Currently, the housing finance company is being probed by the Enforcement Directorate in connection with its alleged link with global terrorist Dawood Ibrahim's aide Iqbal Mirchi. DHFL, that has defaulted on its obligations several times, was the worst hit by the liquidity crisis in the NBFC sector in the wake of the IL&FS debacle.
By Rupa Burman Roy