Dewan Housing Posts First Loss as Business Grinds to a Halt
- Co. posts loss of 22.23 billion rupees for quarter ended March
- Misses interest payments amounting to 480 million rupees
Residential apartment buildings on the outskirts of Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Beleaguered Indian shadow lender Dewan Housing Finance Corp. posted its first quarterly loss in more than a decade, missed interest payments and cast doubt on its ability to continue as a going concern.
DHFL posted a loss of 22.23 billion rupees ($324 million) for the quarter ended March compared with 1.34 billion in net income a year ago, it said in a stock-exchange filing. That would be its first loss in data going back to June 2008. The financier also said in a separate filing that it missed interest payments amounting to 480 million rupees due last week.