Stocks

Hindustan Construction tanks 9%

BL Internet Desk Aug 31 | Updated on August 31, 2018 Published on August 31, 2018

Lavasa Corporation Ltd is jointly held by Hindustan Construction Company Limited (68.7 per cent), Avantha Group (17.18 per cent), Venkateshwara Hatcheries (7.81 per cent) and Vithal Maniar (6.29 per cent).

NCLT admits insolvency plea against Lavasa Corporation

Shares of Hindustan Construction Company Ltd fell as much as 8.9 per cent to Rs 13.30, their lowest in nearly 2 weeks, as the company had said on Thursday that corporate insolvency resolution process was initiated against its joint venture firm Lavasa Corp Ltd.

The National Company Law Tribunal has admitted a plea filed by operational creditors who initiated the corporate insolvency resolution process against Lavasa Corporation under the lnsolvency and Bankruptcy Code 2016. It has appointed Devendra Prasad as Interim Resolution Professional under the provisions of IBC.

Lavasa Corporation Ltd is jointly held by Hindustan Construction Company Limited (68.7 per cent), Avantha Group (17.18 per cent), Venkateshwara Hatcheries (7.81 per cent) and Vithal Maniar (6.29 per cent).

Over 8.1 million shares exchange hands vs their 30-day moving average of 17.5 million shares. Up to last close, the stock had fallen 64.4 per cent this year.

(With inputs from Reuters)

Published on August 31, 2018
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