India's Dewan Housing Shares Rise as Lender Tries to Assuage Liquidity Concerns

Dewan Housing Finance Corp Ltd shares rose on Monday following five consecutive sessions of decline, after the Indian home loan provider said it was keen to sell assets and some of its businesses to improve liquidity, Reuters reported. The stock rose as management tried to assuage liquidity concerns on a conference call with investors, media and analysts. The stock was trading 5.9 percent higher at 117.70 rupees at 0745 GMT on Monday. Dewan lost nearly half of its market value over five sessions ending Friday, its worst week since listing, hit by claims of financial mismanagement - which it has denied - and broader sectoral woes. The decision to explore the sale of its non-core businesses comes amid a slew of allegations by investigative media outlet Cobrapost, which last week said Dewan diverted loans from state banks to shell companies, including those linked to its controlling shareholders. Read more