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Unitech Shares Plunge 13% As Supreme Court Stays NCLT Order

During the day, Unitech stock fell to an intra-day low of Rs 6.39 on BSE, down 16.90 per cent over the previous closing price.

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Unitech Shares Plunge 13% As Supreme Court Stays NCLT Order

Unitech shares slipped on Wednesday

New Delhi: Unitech shares settled 13 per cent down on the bourses on Wednesday, eroding market capitalisation of the company by Rs 278.5 crore after the Supreme Court stayed the NCLT order allowing the Centre to take over the management of the embattled firm. During the day, Unitech stock fell to an intra-day low of Rs 6.39 on BSE, down 16.90 per cent over the previous closing price. At the end of today's trade, the stock was quoted at Rs 6.63, down 13.78 per cent.

Accordingly, the market capitalisation of the company declined by Rs 278.5 crore to Rs 1,733.50 crore. On NSE, the stock opened at Rs 7.55, but fell to a low of Rs 6.35, down 16.99 per cent and finally ended the day at Rs 6.65, down 13.07 per cent.

The Supreme Court today stayed the December 8 order of the National Company Law Tribunal (NCLT) in the case. A bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud considered the statement of Attorney General K K Venugopal that the government should not have moved the NCLT when the apex court was seized of the matter. The NCLT, on December 8, had suspended all the eight directors of the realty firm over allegations of mismanagement and siphoning off of funds and had authorised the Centre to appoint its 10 nominees on the board.

The NCLT order had come after the Centre moved the panel with a view to protecting interests of nearly 20,000 home buyers.

 




(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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