DHFL shares in intraday trade on Wednesday surged as much as 17% on an independent review report by the company which claimed that the housing finance company did not promoted any of the 26 shell companies that have been alleged to siphon off Rs. 35,000 crore of DHFL by Cobrapost.

A report by Chartered Accountancy firm TP Ostwal & Associates said, "There is no evidence of DHFL forming shell companies to divert funds, promoters hiding shareholding in any companies and insider trading".

"Loans were disbursed to only 10 of the alleged 45 companies, totalling Rs 4,715 crore - of which Rs 1,640 crore were repaid by borrowers up to December 2018," read the TP Ostwal report.

The investigative news portal Cobrapost's allegations are found to be without merit and baseless by TP Ostwal & Associates LLP. "No evidence was found to corroborate or support allegations of tax fraud," it added.

On January 29, Cobrapost accused DHFL and its promoters for diverting funds to shell companies for purchasing assets. Also, controlling stakeholders in the firm, the Wadhawans made political donations much more than what is mandated.

At 10:53 Dewan Housing Finance Corporation was quoting at Rs 152.75, up Rs 18.85 or 14..08%. on the NSE. The stock made an intraday high of Rs 162.30

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