DHFL share price falls over 12% after Deloitte quits as auditor

DHFL share price falls over 12% after Deloitte quits as auditor

DHFL share price has been losing for the last 9 days and fallen 30.31% during the period.

The stock opened at a loss of 7.29% at 43.25 level on BSE. DHFL share has lost 93.31% of its value during the last one year and 83.225 since the beginning of this year.
BusinessToday.In
  • Aug 05, 2019,
  • Updated Aug 05, 2019, 2:54 PM IST

Dewan Housing Finance Limited (DHFL) share price hit a fresh 52-week low today amid reports that Deloitte has quit as the auditor of the cash-strapped firm. DHFL share price fell up to 12.43% to Rs 40.85, its fresh 52-week low compared to the previous close of 46.65 on BSE. DHFL share price has been losing for the last 9 days and fallen 30.31% during the period.

The stock opened at a loss of 7.29% at 43.25 level on BSE. DHFL share has lost 93.31% of its value during the last one year and 83.225 since the beginning of this year.

News agency PTI in its report said Deloitte has quit as the auditor of cash-strapped DHFL, citing sources. Communication regarding Deloitte quitting as DHFL's auditor has been sent to the Ministry of Corporate Affairs, one of the sources said. Another source confirmed that Deloitte has quit, but without citing any reasons. However, sources in DHFL denied to have received any such communication from Deloitte.

Cash-strapped DHFL sits on a debt pile of Rs 90,000 crore and has defaulted on its various repayment obligations in a serial manner in the recent past. Earlier, DHFL had said that the company was working with its lenders to work out a debt resolution plan by July-end. However, company sources said it is yet to be finalised and likely to be chalked out in the coming week. DHFL has been trying to generate funds through various means and has exited from its subsidiary units to tide over the current financial crunch. The company in mid-July posted its biggest-ever quarterly loss of Rs 2,224 crore for the quarter ended March of 2018-19 fiscal. The financial results were delayed due to the ongoing concerns. The company is yet to announce the first quarter results of the current financial year.

 Edited by Aseem Thapliyal

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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