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HCC shares fall by 8% on concerns over Lavasa project

HCC shares fall by 8% on concerns over Lavasa project
PTI
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First Published: Tue, Jan 18 2011. 12 05 PM IST
Updated: Tue, Jan 18 2011. 12 05 PM IST
Mumbai: Shares of Hindustan Construction Company (HCC) plunged by nearly 8% after a massive sell off on Tuesday, on a day when environment ministry is expected to file reply before the Bombay high court on the controversial Lavasa housing project promoted by an arm of the company.
Jittery investors booked profit, pushing the shares of HCC to a month’s low of Rs38.20, down by 7.84%, on the Bombay Stock Exchange.
On the National Stock Exchange (NSE) too, it plummeted by 9.27% to a low of Rs37.65.
The environment ministry is expected to file its reply on the controversial Lavasa housing project near Pune, which allegedly violated green norms, before the Bombay high court today.
The project is promoted by Lavasa Corporation, a subsidiary of HCC.
The Bombay High Court, on 7 January, granted an extension till 17 January to the ministry to take a final decision on its show-cause notice to Lavasa Corporation.
Meanwhile, the broader market 30-share barometer Sensex was trading at 18,980.40, higher by 98.15 points or 0.52% at 10:51 am.
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First Published: Tue, Jan 18 2011. 12 05 PM IST
More Topics: HCC | Markets | Shares | BSE | Sensex |