DHFL shares tank 20 percent on report of government probe

As many as 32 Indian and foreign banks lent Rs 97,000 crore to DHFL Group companies with many borrower companies having the same addresses, directors and auditors, Cobrapost has alleged.

The company's chairman Kapil Wadhawan, in an interview with CNBC-TV18, refuted Cobrapost charges and claimed that all loans are scrutinised by DHFL's finance committee, in line with their standard operating processes.

Later in a conference call, Wadhawan said, “The motive of the said Vikas Shekhar appears to be extortion and causing wrongful loss to DHFL by damaging the goodwill and reputation of the company. In fact, the manner in which the complaint and the petition have been drafted, filed and served upon the company raises a finger of suspicious on the modus operandi of the complainant and his intentions."