Dewan Housing jumps after auditor report says no funds diversion

Shares of Dewan Housing Finance Corp Ltd surge as much as 21.2 per cent on Wednesday, after the home loan provider released a report by an independent chartered accountant saying that it had not created shell companies to divert funds.

Investigative media outlet Cobrapost had alleged in January that loans from Indian state-run lenders were diverted by Dewan Housing to shell companies, including those linked to its controlling shareholders.