INSUBCONTINENT EXCLUSIVE:
Shares of Indian home loan provider Dewan Housing Finance Corp Ltd fell for the fifth straight session on Friday, a day after it appointed
an "independent" auditor to investigate allegations of financial mismanagement against the company.
Investigative media outlet Cobrapost
alleged in a report published Tuesday that a large amount secured from Indian state banks was diverted by Dewan to shell companies,
including those linked to its controlling shareholders
Dewan Housing has denied lending to shell companies and said on Thursday it had not received any communication from the Indian government
in relation to a probe, after Reuters reported on Wednesday India had started a probe into Cobrapost's claims.
Dewan's shares fell as much
as 11.7 percent to 120 rupees, its lowest level since May 2014
The Mumbai-headquartered company was the second most heavily traded stock on the National Stock Exchange.
