DHFL plummets by 9 per cent

The company postponed the date of the Annual General Meeting from June 29, 2019 to July 13, 2019. After this development, the stock of the company fell by more than 9 per cent in the morning session on Friday.

DHFL informed about a delay in announcement of its financial results for the fourth quarter of the fiscal year ending 2019, on Thursday. The reason given in the letter by the company for deferring its financial results was unforeseen operational engagements which also include non-availability of a few directors for participation in the Annual General Meeting (AGM).

Dewan Housing Finance Corporation Ltd. (DHFL) has been facing liquidity crisis and has recently defaulted on its repayment obligations as well. Previously, the company stated that it won’t be able to publish the audited standalone and consolidated financial statements for FY19 within the stipulated time period because the year ended March 31, 2019 was the first full financial year where the new rules under provisions of Companies (Indian Accounting Standards) Rules, 2015, which came into effect from April 1, 2018 were applicable.

On Friday, the stock of the company was trading at Rs. 75.35 per share, down by 7.77 per cent or Rs. 6.35 per stock. The 52-week high is Rs. 690 and 52-week low is Rs.60 on the BSE.