Unitech stock declines on weak numbers

| Updated on: Feb 15, 2011

Shares of realty firm Unitech today dropped by over 5 per cent in morning trade on BSE, hit by a dip in net profit for the third quarter ended December 31, 2010.

Yesterday, Unitech had reported a 36.73 per cent decline in consolidated net profit for the quarter ended December 31 at Rs 111.36 crore due to losses incurred by disposal of a capital asset.

The scrips tumbled by 5.66 per cent in early session on BSE to touch a low of Rs 34.15.

Profit booking dragged down Unitech shares on the National Stock Exchange as well, where it tumbled by 5.93 per cent to a low of Rs 34.10.

On the volume front, over 3 crore shares were traded on the two bourses during the early trade.

Barring yesterday’s gain of 3.87 per cent, the shares had been on a downward spiral by shedding over 21 per cent on the BSE for the last four trading sessions.

Published on February 15, 2011

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