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DHFL shares locked at 5% upper circuit amid reports Adani, Piramal Groups top contenders for takeover

Amid high buying interest, the share price of DHFL opened with a gain of 4.96% to the intraday high of Rs 22.2 on BSE today.

twitter-logo BusinessToday.In        Last Updated: November 22, 2019  | 15:37 IST
DHFL shares locked at 5% upper circuit amid reports Adani, Piramal Groups top contenders for takeover
DHFL is the first Housing Finance Company (HFC) or non-banking finance company (NBFC) to be sent to the bankruptcy court, under new rules notified by the government on 15 November

Dewan Housing Finance Corporation (DHFL) share price rose in early trade today amid reports of Gautam Adani-led Group and the Piramal Group being the top contenders for the takeover of the crisis-hit housing finance company. Apollo is also said to be in the fray to bid for the troubled company, IANS reported.

Amid high buying interest, the share price of DHFL opened with a gain of 4.96% to the intraday high of Rs 22.2 on BSE today. The stock opened at Rs 22.2 and has since traded at this price.

Market depth data on BSE suggests that there were only buyers and no sellers for the stock today. Volume-wise, 0.50 lakh and 7.44 lakh shares changed hands on BSE and NSE, respectively.

The share price of DHFL has fallen 4.3% in a week and over 91% on a year-to-date basis. However, the stock has gained 8.82% in the last one month.

Yesterday, apex bank RBI superseded the company's board, in a move to initiate insolvency proceedings for the resolution of the company, owing to governance concerns and defaults by DHFL in meeting various payment obligations.

DHFL is the first Housing Finance Company (HFC) or non-banking finance company (NBFC) to be sent to the bankruptcy court, under new rules notified by the government on 15 November.

The RBI has also appointed R Subramaniakumar, ex-MD and CEO of Indian Overseas Bank, as the administrator of DHFL. DHFL, one of the biggest defaulters in the country currently owes almost Rs 1 lakh crore (over $14 billion) to its debtors.

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