DHFL surges up by 13 per cent

The stock of housing finance major was buzzing in Wednesday's early morning session as the company informed that an independent audit firm found no evidence of shell companies being promoted by DHFL.

The company reported that an independent Chartered Accountant firm has investigated the allegations made by online journalism company, CobraPost that DHFL promoters are involved in Rs. 31,000 crore scam.

The auditor TP Ostwal & Associates LLP examined some of the allegations and concurred that there were lapses in due diligence processes related to loan sanctions and failure in monitoring the end use of funds post disbursal to the borrowers. However, the report from auditor specially mentions that DHFL has not promoted any shell companies as alleged by Cobrapost.

At 10:15 hours, Dewan Housing Finance Corporation (DHFL) was quoting Rs. 151.95 per share, up by Rs. 17.95 or 13.40 per cent on Wednesday. The stock opened at Rs. 147.40 per share and hit a high of Rs. 160.80 on BSE.