HDIL slumps 5% as it goes insolvent, recovers later

In a regulatory filing, HDIL said the IRP has been appointed to carry the functions as mentioned under Insolvency and Bankruptcy Code.

Shares of Housing Development and Infrastructure (HDIL), the real estate development company, slumped as much as 4.96 per cent to Rs 5.55 on the BSE in the early morning trade on Tuesday after the company on Friday said Abhay Narayan Manudhane has been appointed as interim resolution professional (IRP) to run the insolvency proceedings that has been ordered against the company.

However, the scrip recovered later in the trade to hit a high of Rs 6.10 apiece. At 11:06 am, shares of the company were trading nearly 4 per cent lower at Rs 6.05 apiece. In comparison, the benchmark S&P