DHFL shares tank 8% despite management clarification on Cobrapost allegations

Shares of Dewan Housing Finance that plunged a little over 8 percent on January 29 soon after Cobrapost accused the company of siphoning off Rs 31,000 crore of loans, tanked another 8 percent on January 30 despite management clarification.

Chairman Kapil Wadhawan in a press conference on January 30 countered the charges, claiming all the transactions were legitimate, and all loans are completely secure. He said, Cobrapost made malicious allegations against DHFL, and the motive of the complainant is extortion and cause more damage to the company.

DHFL further clarified in a press release that it received an email at 8.44 am in the morning on Tuesday, with a follow-up reminder one hour later, seeking answers to 64 questions from Cobrapost, many of which were laced with political innuendos.

“We are shocked and surprised to receive this inquiry this morning, although Cobrapost had announced its press conference last Friday, i.e. 25 January 2019, to disclose an alleged financial scam. One would have expected as a responsible media house Cobrapost would have asked these questions during their investigations and not on the day of the press conference,” it said.

The management in the press conference on January 29 said that it has apprised its board and auditors of the allegations and also appointed an external expert to examine the complaint to ensure transparency.

Commenting on the liquidity situation, the management said that the liquidity situation in the last few months has been challenging. But, assured that they would be able to generate another Rs 4,000-5,000 crore of liquidity over the next 4-5 months by selling non-core assets and talks are in advance stage.

DHFL has never delayed or defaulted on repayment to banks, and have repaid liabilities of Rs 18,000 crore including commercial papers (CPs) of Rs 10,000 crore since September, the management clarified during the press conference.

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