Leading housing finance company DHFL surged in early morning trade by as much as 7.3% on reports that the company is in talks to sell 10% stake to Baring India, Hero Fincorp and Bain Capital for raising funds.
At 10:16, the stock however trimmed its early gains and was trading higher by 3.78% at Rs. 127.8 with gains of Rs. 4.65 versus previous trading day closing of Rs. 123.15 on the BSE.
Earlier, the company in order to reduce liquidity crisis at the company, had sold nearly 80% of the stake in Aadhar Housing Finance to Blackstone Group.
Also, in an earlier instance, the stock of DHFL came under pressure after news portal Cobrapost alleged irregularities by the company's promoters to the tune of Rs. 31,000 crore, which were later refuted by the company.
Further as per the leading dailies report, the company's chairman and MD Kapil Wadhawan, who also holds the position of DHFL's CEO after the stake sale is complete, will step down.