Reuters exclusively reveals India’s Dewan Housing shares sink after mismanagement allegations
Reuters exclusively reported on Wednesday night that India’s Ministry of Corporate Affairs was looking into allegations of financial mismanagement against Dewan Housing Finance Corp Ltd, one of the nation’s largest home financing companies. The Reuters story followed a report from Cobrapost on Tuesday alleging that Dewan diverted funds. Dewan denied that report and described it as unfounded and malicious. The company’s shares recovered partially after their denial and finished down 4.9 percent, only to fall around 30 percent in the subsequent two days after the Reuters report was published.