Dewan Housing Finance stock plunges 60% on default rumour

Dewan Housing Finance (DHFL) shares slumped as much as 60% on Friday after rumours that it's defaulting on its commercial paper, triggering a selloff in housing finance stocks. The stock recovered partially after MD Kapil Wadhawan said the company had liquidity of around ₹10,000 crore. Among others, Indiabulls Housing Finance slumped 35%, Gruh Finance 17.7% and LIC Housing Finance 14.8%.