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DHFL shares bounce back, close 4.33% higher

In a regulatory filing during market hours on Monday, Mumbai-based DHFL stated that the company has withstood intense pressure and continues to remain strong and solvent, while the sectoral stress continued for months.

twitter-logo BusinessToday.In        Last Updated: July 16, 2019  | 17:57 IST
DHFL shares bounce back, close 4.33% higher
Dewan Housing Finance has formed a bullish bar reversal chart pattern today.

DHFL stock on Tuesday rebounded nearly 6% after falling for 2 consecutive days as the housing finance company informed exchanges of remaining a 'strong going entity', despite growing concerns of its liquidity.

In a regulatory filing during market hours on Monday, Mumbai-based DHFL stated that the company has withstood intense pressure and continues to remain strong and solvent, while the sectoral stress continued for months.

Contrary to the afternoon session rise in share value, stock of DHFL opened with a gap down of almost 5% to Rs 46.10 on BSE and soon fell to a new 52-week low of Rs 44.45, also its intraday low.

The stock, however, has a trend reversal in mid market session today, after which it gathered momentum and rose 5.98% to the day's high of Rs 51.40. The stock has fallen over 30% in the last week itself and currently trades below 30, 50, 150 and 200-day moving average.

Dewan Housing Finance has formed a bullish bar reversal chart pattern today. Overall, 54.3 lakh shares and 712 lakh shares are currently changing hands on BSE and NSE, respectively.

The filing added that  DHFL has cleared significant amount of obligation to the tune of Rs. 41,800 crore since September 2018 and continues to work closely with the stakeholders/creditors so as to ensure that there is a comprehensive resolution, without any hair cut to the lenders, as has been speculated by few sections of the media.

Commenting on the company's financial performance in the quarter, Kapil Wadhawan, Chairman & Managing Director at DHFL said, "DHFL is in an advanced stage of submitting its resolution plan under the inter-creditor agreement as entered into by banks. As already announced, the inter-creditor agreement will examine and firm up the terms of the resolution process by July 25, 2019 and make it operational before September 25, 2019."

"We are very enthusiastic about starting our business operations soon so that we can continue to contribute to the success of the government's national 'Housing for All by 2022' mission, " he added.

Earlier on Monday, after the company posted the biggest ever quarterly loss of Rs 2,224 crore for the fourth quarter ended March 31, the DHFL stock had fallen nearly 30%.

DHFL stock closed at Rs 50.60 on BSE and at Rs 50.55 on the NSE.

Edited By Rupa Burman Roy

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