Realty firm Unitech today plunged over 8% on the bourses amid speculation that it may divest up to 40% stake to overcome its financial woes.
Shares of Unitech opened at Rs 40 and plunged to a low of Rs 38.75, down 8.39% over the previous close on the Bombay Stock Exchange.
The company could strike a deal at Rs 60-65 a share to sell 26-40% stake to investors, according to media reports. However, Unitech Managing Director Sanjay Chandra was non-committal on the reports and said: "Just a market speculation on which we do not comment."
On the National Stock Exchange the scrip plunged 8.52% to Rs 38.65. Over 1.38 crore shares changed hands on the bourses.
Unitech had on Monday announced its plan to raise long-term funds up to Rs 5,000 crore or equivalent amounts in other currencies through issue of securities.
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Earlier this month, the company's Chairman Ramesh Chandra had said it would mobilise up to Rs 2,500 crore through sale of some assets and equity to retire part of its Rs 8,000 crore debt by March 2009.
Shares of the company witnessed huge battering and plunged to near Rs 40 level from the 52-week high of Rs 546.80 on January 2 this year. It was later trading at Rs 39, down 7.80% on the BSE and down 7.57% at Rs 39.05 on the NSE at 1018 hrs.