HDIL down 45% in five sessions, recovers
The stock fell 13.32 per cent to hit a low of Rs 47.15 on BSE.
By ETMarkets.com | Updated:
NEW DELHI: Shares of Mumbai-based developer HDIL recovered from losses at the end of the trading session on Wednesday after declined over 13 per cent in Wednesday’s trade to take its losing streak to fifth session in row.
The stock fell 13.32 per cent to hit a low of Rs 47.15 on BSE. At this price, the scrip was down 45 per cent from August 2 closing of Rs 85.85. The stock eventually recovered losses and closed at Rs 57.40, up 1.86 per cent. HDIL’s subsidiary Guruashish Constructions has gone into bankruptcy proceedings following a Rs 250-crore default on its Goregaon project.
The National Company Law Tribunal (NCLT) last week admitted an application from Union Bank of India and has appointed insolvency resolution professional to carry out the resolution process.
The appointment of an insolvency professional means that the board of directors of the company stands dissolved, TOI reported last week.
The stock fell 13.32 per cent to hit a low of Rs 47.15 on BSE. At this price, the scrip was down 45 per cent from August 2 closing of Rs 85.85. The stock eventually recovered losses and closed at Rs 57.40, up 1.86 per cent. HDIL’s subsidiary Guruashish Constructions has gone into bankruptcy proceedings following a Rs 250-crore default on its Goregaon project.
The National Company Law Tribunal (NCLT) last week admitted an application from Union Bank of India and has appointed insolvency resolution professional to carry out the resolution process.
The appointment of an insolvency professional means that the board of directors of the company stands dissolved, TOI reported last week.
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