India's Can Fin Homes sinks after revealing fraud by employees

Can Fin Homes

26/07/2023 05:12

** Shares of Can Fin Homes  CNFH.NS  fall as much as 7.3% to
788.85 rupees, biggest intraday pct loss since Feb. 1
    ** Co's employees at its Ambala branch in Haryana state
commits fraud of nearly 385.3 mln rupees ($4.7 mln) by
transferring funds to personal bank accounts
    ** Housing finance lender estimates one-time impact on its
profitability of same amount
    ** Adds there is no impact on its assets or asset quality
due to the incident
    ** Around 2.2 mln shares traded as of 09:31 IST, 2.2x the
30-day moving average
    ** Sixteen analysts on stock have average rating of "buy";
median PT is 899 rupees - Refinitiv data
    ** Stock trims YTD gains to around 49%
    
($1 = 81.8770 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))