Shares of Dhani Services crashed 20 percent and were locked in their lower circuit at Rs 82.80 in early morning trade on Tuesday amid heavy volumes. The stock was the worst hit on Nifty500.
At 9:50 am, Dhani Services shares were down 19.2 percent at Rs 83.6 with huge volume. A total of 27.6 lakh shares changed hands during the session so far, as against a daily average of 6.7 lakh in the past two weeks.
The stock has been falling for the last four days and tanked about 38 percent during the period. The stock touched a new 52-week low at Rs 82.8 today.
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In a development earlier this month, several users had taken to Twitter to raise concerns that their personal financial information was being misused by unknown third parties to seek loans on Indiabulls-owned Dhani Loans and Services platform.
Dhani Loans and Services is a non-deposit taking NBFC registered with the Reserve Bank of India and is a 100 percent subsidiary of Dhani Services.
Several people complained they found out their PAN details were being used by unknown persons to avail loans via Dhani, and are now facing show-cause notices.
Some said they were shocked to see their credit reports list loans they had never availed as defaults.
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