Shares of country's leading realty player Unitech today surged as much as 45 per cent on the bourses, a day after the company sought a probe by the government and market regulator SEBI into the significant hammering of the stock.
Unitech today opened on a weak note but soon gained momentum and surged to an intra-day high of Rs 43.70, a jump of whopping 45.18 per cent.
Similar trend was witnessed on the National Stock Exchange, where the scrip of the company opened at Rs 30, then rose to an intra-day high of Rs 42.90, a surge of 38.38 per cent from its previous closing price.
"Though there is pressure for realty firms at the present scenario but Unitech surely does not deserve the valuations it witnessed last Friday," market observers said.
The company yesterday said that a cartel of bear operators are responsible for a single-day plunge of over 51 per cent in its share prices. Unitech's share price plummeted by 51.3 per cent to settle at Rs 30.1 on the Bombay Stock Exchange on Friday last week.
On the volume front, good movement was witnessed as 80.81 lakh shares exchanged hands on the BSE and 1.66 crore shares got traded on the NSE.
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Unitech was quoted at Rs 42.25, up 40.37 per cent on the BSE and Rs 41.55, up 34.03 per cent on the NSE at 10.18 am.
"There are widespread malicious rumours being spread about the financial health of our company, possibly by bear cartels or market operators in the last couple of weeks who have vested interest in making short-term gains," Unitech Managing Director Sanjay Chandra had said yesterday.
Unitech share plunged on Friday following reports that the firm defaulted on payments to Greater Noida Development Authority for a land deal struck in 2006.