MUMBAI (Reuters) - Housing Development and Infrastructure Ltd (HDIL) said on Tuesday its promoters have not paid interest on a mortgage loan taken for personal use and that they are working with the lenders to resolve the issue.
On Monday, local television channel CNBC-TV18 reported that HDIL's promoters failed to pay an interest of 35 million rupees on a loan of 460 million rupees from a non-banking finance company.
"We are informed by the promoters that they have taken a mortgage loan against their property situated at Goa for their personal use and interest on the said loan was not paid," the company said in a statement to the stock exchange.
"We are informed by the promoters that they will be clearing the dues shortly and the matter is being sorted out and resolved with the lenders," HDIL said.
Shares in HDIL ended 12.9 percent lower at 26.70 rupees on Tuesday. The Indian market fell nearly 2.5 percent.
(Reporting by Aditi Shah; Editing by Prateek Chatterjee)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories
Over 30 subscriber-only stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app