Dewan Housing Finance Corp (DHFL) stocks fell for the third day, ending 5 per cent lower on Wednesday, after the scrip tanked close to 10 per cent earlier in the day.
According to analysts, the plunge came after news website Cobrapost on Tuesday claimed that the primary promoters of DHFL siphoned off over Rs 31,000 crore of public money.
On the BSE, DHFL stocks closed 4.97 per cent lower at Rs 161.60 per share after the scrip slumped at one point to over 10 per cent.
Addressing the significant decrease in its stock price, DHFL said in a regulatory filing that "there is no price sensitive information which could have bearing on the share price of the company".
It attributed the fall to the Cobrapost report which it clams to be a "mischievous misadventure".
Deepak Jasani of HDFC Securities said: "The stock opened lower, touched the intra day low within the first few minutes of trade and later recovered part of the losses to end 4.9 per cent lower.
"Its debentures listed on the exchanges also fell between 6 to 16 per cent over their last close reflecting the widespread panic among the investors," he said.
--IANS
ravi/mr
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