Unitech tanks 20% as company says don't have money to refund

New Delhi: Shares of Unitech on Tuesday slumped 20 percent after the beleaguered real estate firm expressed its inability before the Supreme Court to refund money to the home buyers over its two delayed projects in Noida and Gurgaon.

The scrip tanked 20 percent to Rs 4.92, its lowest trading permissible limit for the day, on BSE.

On NSE, it fell sharply by 19.51 percent to Rs 4.95.

"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 Ltd, had told a bench of Justices Dipak Misra and U U Lalit on Friday.

More than two dozen home buyers of Unitech's projects in Noida and Gurgaon have approached the National Consumer Disputes Redressal Commission (NCDRC) 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 home buyers with interest.

Meanwhile, BSE has sought clarification from Unitech over this matter.