DHFL shares bounce back, rally 12 pc

Shares of DHFL bounced back sharply Monday and ended nearly 12 percent higher after a massive selling spree on fears of a liquidity crisis Friday.

The stock rose 11.79 percent to end at Rs 393 on BSE. Intra-day, it soared 24.80 percent to Rs 438.75.

On NSE, shares of the company surged 11.86 percent to close at Rs 392.15.

In terms of equity volume, 74.98 lakh shares of the company were traded on BSE and over 7 crore shares changed hands on NSE during the day.

The scrip of Dewan Housing Finance Corporation Friday went into a tailspin, nosediving 42.43 percent to end at Rs 351.55 on the BSE. Intra-day, it cracked 59.67 percent to Rs 246.25 -- its 52-week low.

Following the slump in the share price, Kapil Wadhawan, CMD of DHFL, had said the market movement had come as a big surprise to not only the company but also to the industry at large.

"We wish to categorically state that DHFL has not defaulted on any bonds or repayment nor has there been any single instance of delay on any of its repayment of any liability. We do not have any exposure with IL&FS," he said.

He said company's fundamentals are strong.

DHFL Sunday said it proposes to reduce exposure to commercial paper (CP) as part of overall borrowing plan and increase hedging activity.