Dewan Housing shares rise; CFO moved as corporate strategy head

Shares of Dewan Housing Finance Corp Ltd (DHFL) rose as much as 4.4 per cent on Monday, after Chief Financial officer Santosh Sharma was redesignated to another role.

Sharma will stay on as head-corporate strategy, the home loan provider said on Saturday, as part of a corporate reorganisation.

The management shuffle comes a month after chief executive Harshil Mehta resigned amid financial mismanagement allegations.

An auditor had earlier this month dismissed media allegations that DHFL had created shell companies to divert funds, but said the firm’s monitoring of loans was inadequate, raising risks that some of them would turn sour.