This Article is From May 29, 2013

HDIL plunges 10% on termination notice for slum project

Housing Development & Infrastructure Limited shares plunged 10 per cent on Wednesday after the realty major said it has received a termination notice from Mumbai International Airport Limited (MIAL) for its slum rehabilitation project.

The project, which involves rehabilitating a million people living near the city's international airport, is one of the biggest for the Mumbai-based developer.

HDIL posted a net loss of Rs 280 crore versus a Rs 316 crore profit in the year ago quarter.

HDIL shares plunged 10 per cent to a low of Rs 46.15 before recovery. The stock traded 7 per cent lower at Rs 47.85 as of 2.13 p.m.

HDIL has not accepted the notice and has initiated legal remedies available to it, it said in a statement.


(With inputs from Reuters)