Can Fin Homes shares tumble over 13% as Canara Bank abondons divestment program

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Published: April 2, 2018 2:51:07 PM

Shares of the housing financier Can Fin Homes tumbled more than 11% on Monday after the state-run lender Canara Bank cancelled the move to divest its entire shareholding in the company.

Shares of Can Fin Homes were the top losers among the group ?A? shares of 300 stocks of BSE on Monday. (Image: Reuters)

Shares of the housing financier Can Fin Homes tumbled more than 13% on Monday after the state-run lender Canara Bank cancelled the move to divest its entire shareholding in the company. The divestment process by Canara Bank has been called off due to the lower than expected price quotation offered for Cann Fin Homes. “Since the quote received is not in tune with the valuation, Canara Bank has decided to call off divestment process of its entire stake in Canfin Homes Ltd (CFHL), which was under process,” Canara Bank said in an exchange filing on 31 March 2018.

Shares of Can Fin Homes were the top losers among the group ‘A’ shares of 300 stocks of BSE on Monday. The stock of Can Fin Homes plummeted as much as 13.05% to a day’s low of Rs 431.1 on NSE on Monday. An unusually high trading volume has been observed in the share of Cna Fin Homes, as at 2:39 pm, more than 61.5 lakh shares were traded on both NSE and BSE with about 57.5 lakh shares on NSE alone. In a major announcement on Monday, Can Fin Homes announced that a board meeting has been scheduled on 28 April 2018 to consider the financial results for the fourth quarter and the financial year ended on 31 March 2018.

“The Board of Directors of the Company is scheduled to be held on Saturday, April 28, 2018, inter-alia to consider and approve the audited financial results of the Company for the IV Quarter and financial year ended 31/03/2018 (Financial Year 2017-18) together with the draft ‘Audit Report’ for the above said period and consider and recommend dividend to the shareholders of the Company for the Financial Year 2017-18,” Can Fin Homes said in an exchange filing.

Earlier in December 2017, Canara Bank informed stock exchanges that it will offload 4% stake in Can Fin Homes following the transaction, the Canara Bank’s holding in Can Fin Homes would have reduced to 26%.

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