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DHFL stock at 10-year low after Edelweiss moves Bombay HC to recover Rs 70 cr dues

Edelweiss Asset Management has approached the Bombay High Court to recover its dues amounting to Rs 70 crore from the housing lender Dewan Housing Finance Corporation (DHFL)

DHFL stock at 10-year low after Edelweiss moves Bombay HC to recover Rs 70 cr dues

The suit comes after Reliance Nippon Life Asset Management approached the court on September 26 against DHFL to recover dues worth Rs 478 crore

Dewan Housing Finance Corporation (DHFL) shares fell nearly 10% to a fresh 52-week low, also its 10-year low on Thursday, after media reports said Edelweiss Asset Management has approached the Bombay High Court to recover its dues amounting to Rs 70 crore from the housing lender.

DHFL stock opened 5.57% lower and fell 9.98% to intraday low of Rs 23.45 on BSE. This is also the stock's new 52- week low as well as its 10-year low. The stock was trading near its lowest level since January 3 2009, when it opened at Rs 24.90 and made an intraday low of Rs 22.40.

The DHFL stock has fallen 25.79% in last 4 days. DHFL stock value has eroded over 90% year-to-date. There are only sellers and no buyers in DHFL stock.

Volume-wise, 10 lakh and 57.6 lakh shares changed hands on BSE and NSE, respectively. DHFL stock trades lower than 30, 50, 150 as well as its 200-day simple moving average.

In a BSE filing, Edelweiss said, "It is hereby clarified that our subsidiary, Edelweiss Asset Management Limited, (which has various schemes of mutual funds) has approached the Mumbai High Court for recovery of Principal and Interest dues from DI-IFL, in line with action taken by other peers in the industry".

The suit comes after Reliance Nippon Life Asset Management approached the court on September 26 against DHFL to recover dues worth Rs 478 crore.

As of 1445 IST, DHFL shares were locked at 10% lower circuit of Rs 23.45 on the BSE.

By Rupa Burman Roy

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