One of the Wadhawan brothers on Friday sought to quash the rumours about HDIL, at the centre of attention for all the wrong reasons.
Dewan Housing Finance Ltd (DHFL) promoter Kapil Wadhawan, the cousin of Sarang Wadhawan, VC and MD, HDIL, said his company did not have any pledge on HDIL’s shares, and there was no holding of shares between promoters of both companies.
There was a buzz that the DHFL promoters had some stake in HDIL, and could offload it after the HDIL stock crashed 38 per cent in the last four trading sessions. A DHFL spokesperson said, “Promoters of the two companies had effected a separation agreement four years ago. It is unfortunate that, because of this perception, DHFL is being linked to HDIL. DHFL’s promoters do not have any pledge on their shares and there is no holding of any shares between promoters of both entities.”
The clarification seems to have calmed market nerves. The DHFL stock, which fell initially, ended the day at Rs 197.40, nearly 2.07 per cent up from Thursday's close. HDIL shares rose 10.5 per cent to end the day at Rs 82.50.