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As housing finance companies led a panic sell-off on Dalal Street in Friday's trade, Dewan Housing Finance Corp Ltd (DHFL) stocks were among the worst-hit. DHFL shares plunged nearly 60 per cent in trade before recovering towards the closing session. At 3:16 pm, DHFL shares traded at Rs 350.10, down Rs 260.50 or 42.66 per cent on the Bombay Stock Exchange (BSE). DHFL was the worst hit among the housing finance companies, wiping off as much as $1.45 billion from its market value, according to a report by news agency Reuters.
Krish Subramanyam, co-head equity advisor at Altamount Capital, was quoted as saying in the Reuters report that rumours about one group "spilled over to other NBFCs (non-banking finance companies)".
Other housing finance stocks like Indiabulls Housing Finance, Can Fin Homes, PNB Housing Finance and LIC Housing Finance cracked up to 17 per cent.
The equity markets witnessed some wild swings in trade today as the Sensex crashed 1,127.58 points from day's low but recovered soon after. At 3:11 pm, the Sensex traded at 36,805.68, down 315.54 points or 0.85 per cent.
The Nifty50 sunk 367.9 points before trading at 11,133.25, with a loss of 101.10 points or 0.90 per cent.
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