Shares of Hindustan Construction Company plunged by nearly 8 per cent after a massive sell off on Tuesday, on a day when the Environment Ministry is expected to file reply before the Bombay High Court on the controversial Lavasa housing project promoted by an arm of the company.
Jittery investors booked profit, pushing the shares of HCC to a month’s low of Rs 38.20, down by 7.84 per cent, on the Bombay Stock Exchange.
On the National Stock Exchange too, it plummeted by 9.27 per cent to a low of Rs 37.65.
The Environment Ministry is expected to file its reply on the controversial Lavasa housing project near Pune, which allegedly violated green norms, before the Bombay High Court today.
The project is promoted by Lavasa Corporation, a subsidiary of HCC.