HCC shares tank on concerns over Lavasa project
Environment Ministry is expected to file its reply on the controversial Lavasa housing project near Pune, which allegedly violated green norms, before the Bombay HC.
By PTI |
MUMBAI: Shares of Hindustan Construction Company plunged by over 4 per cent after a massive sell off today, on a day when 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.
At 1:53 PM the share was trading at Rs 39.45 on the BSE and Rs 39.55 on the NSE.
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.
The Bombay High Court, on January 7, granted an extension till January 17 to the Ministry to take a final decision on its show-cause notice to Lavasa Corporation.
Meanwhile, the broader market 30-share barometer Sensex was trading at 18,993.37, higher by 115.43 points or 0.61 per cent at 1353 hrs.
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.
At 1:53 PM the share was trading at Rs 39.45 on the BSE and Rs 39.55 on the NSE.
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.
ADVERTISEMENT
The Bombay High Court, on January 7, granted an extension till January 17 to the Ministry to take a final decision on its show-cause notice to Lavasa Corporation.
Meanwhile, the broader market 30-share barometer Sensex was trading at 18,993.37, higher by 115.43 points or 0.61 per cent at 1353 hrs.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
Related Articles
Lavasa project: HC dismisses PIL seeking probe against Sharad Pawar, Ajit Pawar and Supriya Sule2025-12-22T07:36:06Z- CAG report indicts Vilasrao, Bhujbal, Rane for securing cheap land; Lavasa project also criticised2012-04-17T19:57:35Z
- Lack of transparency in selection of Lavasa project: CAG2012-04-17T14:25:48Z
ADVERTISEMENT
