DHFL locked at 10% lower circuit after a loss of Rs 2,224 cr in Q4

The stock has lost nearly 90 percent of its value in the last one year.        

Dewan Housing Finance Corporation (DHFL) shares were locked at 10 percent lower circuit at Rs 61.65 on July 15 after posting a loss for first time since inception and warning about its survival.

There were pending sell orders of 6,49,477 shares, with no buyers available on the BSE at 0920 hours IST. The stock has lost nearly 90 percent of its value in the last one year.

The housing finance company posted a loss of Rs 2,224 crore for the quarter ended March 2019, against a profit of Rs 314 crore in the December quarter and Rs 134 crore in the June quarter of last year.

"In the backdrop of a significant slowdown in disbursement and loan growth after September 2018, the financials of the company have been quite strained for the quarter impacting the overall performance of the year," Kapil Wadhawan, Chairman and Managing Director said in a BSE filing.

Due to the additional provisioning of Rs 3,280 crore (including net loss on fair value), the company reported a net loss of Rs 2,223 crore for the quarter and a net loss of Rs 1,036 crore for the whole year (as against a profit of Rs 1,240 crore in previous year), he added.

The company also warned that its financial situation was so grim that it may not survive.

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