Unitech, Parsvnath Developers rise 5% each on SC ruling

NEW DELHI: Shares of Unitech and Parsvnath Developers gained 5 per cent each in Thursday's trade after Supreme Court clarification on cases against the companies. SC has asked Unitech to pay Rs 80,000 each to 39 buyers in Gurgaon project, while it instructed Parsvnath to pay interest at 10 per cent per annum to 70 buyers in Ghaziabad project.

Shares of Unitech rose 5.05 per cent to hit a high of Rs 7.7 on BSE., eventually closing at Rs 7.39, up 0.82 per cent.

Shares of Parsvnath Developers settled at Rs 23.70, up 4.87 per cent.

Possibly aware of the fact that its Unitech order would open a floodgate of similar demands, a three-judge bench led by CJI Dipak Misra clarified that this order would apply only to this case and not be treated as a judicial precedent, ET reported.

In Parsvnath's case buyers of its Parsvnath’s Exotica project had approached the National Consumer Disputes Redressal Commission, which ordered the company to pay them the principal and 12 per cent interest.