Shares of Housing Development and Infrastructure Ltd (HDIL) slumped as much as 20 percent to a 52-week low of Rs 8.80 on Wednesday.
HDIL on Tuesday said it has been admitted under provisions of insolvency bankruptcy code passed by National Company Law Tribunal (NCLT) pursuant to an application filed by the Bank of India. The Mumbai-based company further said it is under the process to file an appeal to National Company Law Appellate Tribunal (NCLAT) against the NCLT order.
On June 5, the bankruptcy court had directed HDIL to pay Rs 98 crore to Bank of India within four weeks. HDIL owes around Rs 520 crore to Bank of India and had agreed to pay it in tranches.
HDIL, as per its 2017-18 annual report, has a total debt of around Rs 2,400 crore.
At 11.35 AM, HDIL shares were down 20 percent at Rs 8.80 per share, while the broader index Nifty was down 0.13 percent.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM
Wine shops and bars to remain shut for 4 days in Mumbai in 4 weeks, check details
May 15, 2024 7:52 PM
INDIA bloc will win majority seats in Bihar, says Tejashwi Yadav
May 15, 2024 4:20 PM