DHFL cracks 5% after Care revises long-term ratings

Shares of DewanHousingFinance Corporation (DHFL) cracked 5 per cent in Thursday’s session, a day after Care Ratings revised some of the company’s long-term ratings.

The revision takes into account moderation in financial flexibility due to limited progress of strategic measures and inflows, Care said.

The revision in ratings came after the company’s shares surged on Wednesday, following an auditor’s report which dismissed media allegations that DHFL created shell companies to divert funds, but said the firm’s monitoring of loans was inadequate.

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Posted in: Indian Market Tips