DHFL defaults and slips

DHFL is in the spotlight after it announced default on Rs.225 crore unsecured commercial paper. The payment was due yesterday.

The company stated that out of the aggregate amount of Rs. 375 crore, Rs. 150 crore, i.e. 40% has been paid on a proportionate basis and the balance amount of Rs. 225 crore shall be paid in next couple of days.

The company plans to pay Rs.225 crore once the surplus cash flow position improves over the next couple of days as it is in the process of selling down its loan assets including wholesale project loans to make good all its obligations.

The stock, which has been in the red for the past two days, opened at Rs.70.70, down 6.2% and then went on to hit an intraday low at rs.68.70,down 9%. Its 52-week low is at Rs.60.