Bombay Dyeing has slipped 8% to Rs 411 in morning trades on reports that the Bombay High Court directed the textile major to hand over a third of its mill-land at Dadar-Naigaon in central Mumbai to the Brihanmumbai Municipal Corporation (BMC), to be developed as an open space, and another third to the state housing agency MHADA for low-cost housing.
“In April 2010, the Court had stayed the stop-work notice issued by the municipal corporation to Bombay Dyeing, which was redeveloping the land. The division bench of Chief Justice Mohit Shah and Justice Roshan Dalvi on Friday vacated the stay, and asked the company to hand over one-third of the land each to BMC and MHADA,” the PTI report suggests.
The court has stayed the order till June 30 to enable Bombay Dyeing to file appeal, added report.
As many as 292,103 shares have already changed hands on the counter in morning trades, against an average sub 300,000 shares that were traded daily in past two weeks on the NSE and BSE.