February 13, 2019 / 6:15 PM / in 3 months

Dewan Housing CEO resigns after allegation of mismanagement

A bird flies past a signboard of Dewan Housing Finance Corporation Ltd. (DHFL) outside its office on the outskirts of Mumbai, India, January 31, 2019. REUTERS/Francis Mascarenhas

NEW DELHI (Reuters) - India’s Dewan Housing Finance Corp Ltd, which was hit by claims of financial mismanagement last month, said on Wednesday its Chief Executive Harshil Mehta has resigned.

The company’s stock has lost over 80 percent of its value since broader concerns over the operations of India’s shadow banking sector emerged in September.

Investigative media outlet Cobrapost said in a report last month loans from Indian state banks were diverted by Dewan to shell companies, including those linked to its controlling shareholders. Dewan has denied the allegations.

Reporting by Sudarshan Varadhan; Editing by Jan Harvey

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