Unitech tanks 20% as firm says it has no money to refund homebuyers
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New Delhi: Shares of Unitech Ltd on Tuesday slumped as much as 20% in intraday trade after the beleaguered real estate firm expressed its inability before the Supreme Court to refund money to the homebuyers over its two delayed projects in Noida and Gurgaon.
The scrip tanked 20% to Rs.4.92, its lowest trading permissible limit for the day, on BSE, before closing 16.91% lower at Rs.5.11.
On NSE, it fell sharply by 19.51% to Rs.4.95, before closing 16.26% lower at Rs.5.15 apiece.
“We don’t have money. If we had money, we would have constructed the flats and buildings and given to them,” senior advocated A.M. Singhvi, the counsel for Unitech, had told a bench of Justices Dipak Misra and U.U. Lalit on Friday.
More than two dozen homebuyers of Unitech’s projects in Noida and Gurgaon have approached the National Consumer Disputes Redressal Commission after the builder failed to give them possession of the flats as scheduled. The consumer forum had asked the real estate firm to refund the money to homebuyers with interest. Meanwhile, BSE has sought clarification from Unitech over this matter.