Unitech falls on wider-than-expected quarterly loss

May 29 2014, 11:18 IST
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SummaryShares in India's Unitech Ltd fall as much as 4.8 percent after posting...

Shares in India's Unitech Ltd fall as much as 4.8 percent after posting a wider-than-expected 515.5-million-rupee($8.76 million) loss in the January-March quarter.

Unitech shares have more than doubled since the end of February on expectations policy reforms from the new Modi government would lead to a rally in the sector.

"As the stock has ran up sharply, we advice clients to encash existing positions," said an analyst with a domestic brokerage.

Shares in Unitech were down 4.3 percent to 26.70 rupees at 0530 GMT.

($1 = 58.8750 Indian rupees)

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