Stocks

Unitech slumps 4.4% on apex court's directive

BL Internet Desk Chennai | Updated on January 09, 2018

Shares of realty firm Unitech slumped as much as 4.4 per cent in Tuesday's trade as the Supreme Court had on Monday said that it will consider granting bail to Unitech Ltd Managing Director Sanjay Chandra after the embattled real estate firm deposits ₹750 crore by December-end.

A Bench headed by Chief Justice Dipak Misra said the money, to be deposited in the apex court registry, will be used to facilitate refund to home buyers who want their money back.

Following a positive open at Rs 6.85 against the previous close of Rs 6.75, the company shares touched an intraday high of Rs 6.90 and a low of Rs 6.45 on the BSE. In terms of equity volume, 16.92 lakh shares exchanged hands on the BSE in the morning trade.

At 12.25 pm local time, the shares were trading down by 2.67 per cent at Rs 6.57 on the BSE. On the NSE, the stock fell 2.96 per cent to Rs 6.55.

Faced with cash crunch, Unitech had in June sold a 74-acre land in Gurgaon, Chennai and Hyderabad for Rs. 260 crore to boost its cash flow and complete ongoing projects.

The Gurgaon-based developer has sold 41 acres in Hyderabad for Rs. 160 crore, 19.05 acres in Chennai for Rs. 67 crore and 13.55 acres in Gurgaon for Rs. 33 crore.

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Published on October 31, 2017
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