After three back-to-back gain session, shares of Dewan Housing Finance Corporation (DHFL) trading in red on BSE to Rs 49.80 on September 13 after it reported a fresh default towards the payment of principal and interest on non-convertible debentures (NCDs).
DHFL’s BSE filing on September 12, reported default of Rs 196.65 crore towards Rs 350-crore worth of NCDs issued by it.
The lenders of the debt-ridden company are working on a resolution plan but media reports indicated that the banks might miss the September 25 deadline, as they need more time to approve it.
The resolution plan has been in the works since June 25. RBI guidelines mandate that a resolution plan must be implemented within 180 days. It also mandates to classify a bad loan as an NPA in the event of default for 90 days or more.
At around 1055 hours, DHFL shares were trading 3.61 percent down at Rs 49.40 on BSE.
(With input from agencies)