Housing Development & Infrastructure fell 2.75% to Rs 54.80 at 11:44 IST on BSE on reports that a bank has seized the company's Kurla property after it failed to repay loan.
Meanwhile, the S&P BSE Sensex was down 128.26 points, or 0.40% to 31,885.93.On the BSE, 1.21 crore shares were traded in the counter so far, compared with average daily volumes of 24.47 lakh shares in the past one quarter. The stock had hit a high of Rs 56.40 so far during the day. The stock had hit a low of Rs 45.10 so far during the day, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 102.45 on 9 August 2016.
The stock had underperformed the market over the past one month till 8 August 2017, falling 34.36% compared with 0.94% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 40.93% as against Sensex's 5.84% rise. The scrip had also underperformed the market in past one year, falling 44.56% as against Sensex's 13.99% rise.
The small-cap company has equity capital of Rs 434 crore. Face value per share is Rs 10.
The Bombay Stock Exchange (BSE) sought clarification from Housing Development and Infrastructure (HDIL) today, 9 August 2017, with reference to a news flash citing that HDIL failed to repay Rs 144 crore loan to Central Bank of India. Central Bank of India has seized Kurla property. HDIL doing one-time settlement with banks for subsidiary debt. Some account of the company has been attached by the Income Tax Department. HDIL is yet to clarify on the news report.
Shares of Housing Development & Infrastructure (HDIL) has fallen 36.17% in five trading sessions from its close of Rs 85.85 on 2 August 2017.
On 3 August 2017, HDIL announced that the National Company Law Tribunal (NCLT) admitted insolvency application against HDIL's wholly-owned subsidiary, Guruashish Construction, filed by the Union Bank of India.
The company said in a notice to the BSE that NCLT had appointed insolvency resolution professionals to carry out the functions. The company said it will file a reply and take appropriate measures.
According to the Reserve Bank of India (RBI) guidelines, if a resolution plan is found within 270 days, the company will head for liquidation.
Guruashish Construction has defaulted on Rs 250 crore repayment to Union Bank of India earlier this year which led the bank to file a bankruptcy plea against the company.
HDIL will report its Q1 June 2017 results on 11 August 2017. On a consolidated basis, HDIL's net profit rose 28% to Rs 60.88 crore on 61.53% decline in net sales to Rs 132.09 crore in Q4 March 2017 over Q4 March 2016.
HDIL is a real estate development company, with significant operations in the Mumbai Metropolitan Region.
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