HDIL tanks 7% after Q4 loss, termination notice

Shares of the company tanked nearly 11 percent in intra-day trade and finally ended at Rs 47.95, down 6.80 per cent from previous close on the BSE.

Updated: May 29, 2013, 21:03 PM IST

Mumbai: Shares of Housing Development and Infrastructure Ltd on Wednesday slumped nearly 7 percent as the company received termination notice from Mumbai International Airport Ltd for slum rehabilitation project.

Shares of the company tanked nearly 11 percent in intra-day trade and finally ended at Rs 47.95, down 6.80 per cent from previous close on the BSE.

At the NSE, the stock settled 6.12 percent lower at Rs 48.30.

Announcing a consolidated net loss for the fourth quarter of 2012-13 fiscal, HDIL said in a filing to the BSE: "The Mumbai International Airport Limited has served notice of termination on the company for Mumbai International Airport Slum Rehabilitation project citing unsubstantial charges.

However, the company has not accepted the said notice and has initiated legal remedies, the Mumbai-based developer said.

During fourth quarter of the 2012-13 fiscal, HDIL reported a consolidated net loss of Rs 279.95 crore due to lower revenues and write off of unrealised cost pertaining to Mumbai International Airport Slum Rehabilitation project.

The company had clocked a net profit of Rs 315.52 crore in the same period last year.

Meanwhile, the BSE benchmark Sensex ended down 13.18 points at 20,147.64.

PTI