INSUBCONTINENT EXCLUSIVE:
Unitech slumped to a fresh 52-week low this morning on reports that the Supreme Court reserved its order on the likely auction of the realty
The stock fell to Rs 4.66
buyers seeking refund of their investment.
The scrip was down 4.48 per cent at Rs 4.69 at around 9.48 am
It opened at Rs 4.90 and touched high and low of Rs 4.95 and Rs 4.66, respectively, so far
Benchmark Sensex put up a strong show, rallying 236 points, or 0.67 per cent, to 35,793 as Karnataka vote count got under way.
Of the 629
acres of unencumbered land owned by Unitech, 99 acres are in Agra, 130 in Varanasi and 400 in Sriperumbudur in TN
The bench of Chief Justice Dipak Misra, Justice A M Khanwilkar and Justice D Y Chandrachud reserved the order after more than an hour and
half-long hearing where it was suggested that a retired judge of the Delhi High Court be nominated to oversee the auction
The court indicated the process to be completed in two months.
The Unitech scrip had scaled its 52-week high of Rs 12.24 on January 2.
The
troubled firm owes Rs 723 crore to 51,000 fixed deposit holders, and the company and its subsidiaries are yet to hand over 19,000 flats to
