Shares of Unitech fell by 20% intra-day after the company’s lawyer told the Supreme Court on Friday the firm did not have the money to refund its buyers of its delayed housing projects in Delhi’s National Capital Region (NCR).
The stock opened on Bombay Stock Exchange (BSE) at Rs 6.07 and touched an intra-day low of Rs 4.92, its lowest trading permissible limit for the day. The stock ended the session at Rs 5.11, a fall of 16.91%. During the past one month, the stock of the real estate firm tanked by 37%. On National Stock Exchange (NSE), it fell sharply by 19.51% to Rs 4.95, before closing 16.26% lower at Rs 5.15 apiece.
Unitech’s lawyer had told the apex court on Friday that the company does not have enough money to pay back its home buyers,who had invested in its projects in the NCR region. The court then asked the lawyer representing buyers to submit a list of buyers who wanted a refund by the next hearing on August 17. However, the counsel for some of the flat buyers of Unitech’s Burgundy project in Noida and Vistas in Gurgaon told the court that the buyers don’t want their money back but want their houses. BSE has sought clarification from Unitech over this matter.