DHFL well on track to pay NCD dues, says Chairman Kapil Wadhawan; ratings downgrade criticised

Shares of Dewan Housing Financial Corp Ltd (DHFL) plunged 10 percent on Friday, extending previous session's fall, after rating agencies Crisil and Icra downgraded the company's Rs 850-crore commercial paper to ‘D’ from ‘A4+’ and ‘A4’, respectively. Kapil Wadhawan, Chairman and MD of DHFL, has rapped the sharp downgrade by rating agencies. “Firstly, the company is not insolvent. We continue to get cash flows. Considering the actions taken by the rating agencies post January, I think there are questions to be asked to them. We were a AAA-rated marquee housing finance company and within three and a half months, we were down to a D,” he told CNBC-TV18.