Shares of Dewan Housing Finance Limited (DHFL) plunged 9 percent on Wednesday after the company defaulted on unsecured commercial papers worth Rs 225 crore matured on Tuesday.
At 10:11 AM, the stock was trading at Rs 73.45 per share, lower by 2.65 percent. Intraday, the stock price tanked 9 percent to its day’s low of Rs 68.60 on the NSE.
“The company has made a proportionate payment towards maturity of the aforesaid commercial papers of an aggregate value of Rs 375 crore i.e. 40 percent of the total amount and balance of Rs 225 crore will be paid once the surplus cash flow position improves over the next couple of days," DHFL said in a regulatory filing.
It further said that the company is already in the process of selling down its loan assets including wholesale project loans to make good all its obligations and maintain its 100 percent commitment to all its creditors.
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