NHB gives clean chit on DHFL, Stock surge

Shares of Dewan Housing Finance Limited (DHFL) rose near 7% intraday after media reports suggested that the National Housing Bank (NHB), a wholly owned subsidiary of RBI, completed its inspection of DHFL’s book last week and found no major deviation.

On the National Stock Exchange, the stock of DHFL advanced upto 6.80 percent to record an intra-day peak of Rs136.70.

As per media reports, the entire books of the company’s offices in Mumbai, New Delhi and Nagpur have been checked by the four-committee  core members of the National Housing Bank.

The basic issue was – On last week, a Mumbai-based LLP Chartered Accountants TP Ostwal & Associates mentioned in its report that DHFL has not promoted any shell companies post news portal CobraPost alleged that it siphoned off about Rs31,000-cr. During the week, DHFL stocks were significantly down by near 50% in one month on the allegations.

On Thursday, during mid-noon hours of trade, the DHFL stock was quoting higher by 3 percent or Rs4 at Rs131.90 on NSE.  Meantime, key benchmarks erased its morning gains, with Sensex lower at 37749 down 0.1% and Nifty down 0.11% at 11328.