Unitech jumps 8% after firm claims MDs committed no fraud

NEW DELHI: Shares of Unitech jumped over 8 per cent in Wednesday’s trade after the company said on Monday its managing directors, Sanjay Chandra and Ajay Chandra, committed no fraud with any investor and the delay in project delivery was due to reasons beyond control of the company.

“We will be availing appropriate remedy in accordance with the law. We have full faith in our judiciary and are confident that our stand will be vindicated,” ETRealty quoted company officials as saying.

Following the development, the stock surged 8.08 per cent to hit a high of Rs 5.48 on BSE.

“Since the matter is sub judice, the company cannot comment further at this stage. But we wish to clarify that day-to-day operations of the company are fully functional. It will be our endeavour to deliver apartments to our valuable customers as soon as possible,” the company said.