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DHFL declines 3% after ratings downgrade

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NEW DELHI: Shares of Dewan Housing Finance Corporation (DHFL) declined 3 per cent in morning trade on Friday, a day after it said Brickwork Ratings India has downgraded its instruments ratings.

In a BSE filing on Thursday, the company said the downgrade was done on account of limited progress in building up of liquidity, selling and exiting riskier construction finance loans. Meanwhile, an ET Now report said that the US-based large private equity (PE) player Lone Star Funds is eyeing a stake in DHFL. The PE player, with $80 billion assets under management, is in talks with promoters for at least 20 per cent stake in DHFL. Lone Star is willing to acquire the stake of Wadhawan Global, which holds 39.21 per cent stake in the company and is said to be open to pick stake at a minor premium to the current market price, the report further added.

DHFL refused to comment on the development, terming it as market speculation. Shares of DHFL traded 1.25 per cent down at Rs 170.50 apiece around 10:30 am.




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