HDIL hits new low, stock tanks 32% in one week
The stock of real estate developer has underperformed the market by falling 32% in past one week compared to 3.6% drop in benchmark Sensex.
Housing Development and Infrastructure Limited (HDIL) is trading lower by 4% at Rs 46.90, extending its last four-days fall, despite the Mumbai-based real property developer saying that it has not accepted the rating assigned by local rating agency for its non-convertible debentures (NCDs) and has submitted to review the same.
The stock opened at Rs 48.50 and hit a new low of Rs 46.20 on BSE. A combined 36.58 million shares have already changed hands on the counter till 1425 hours against an average around 30 million shares that were traded daily in past two weeks on NSE and BSE.
HDIL in a regulatory filing said that it has received a letter dated March 19, 2013 from CARE informing that, they (CARE) have revised the rating from CARE BBB+ (Triple B Plus) to CARE D assigned to the NCD issue of the Company citing recent developments. D rating means instruments which are in default or going to default soon.
The company said it has not accepted the said rating assigned by CARE and would like to reiterate the Company’s strong financial and operational performance and sound fundamentals and the Company has submitted to CARE to review / restore the rating.
The stock of the real estate developer has underperformed the market by falling 32% in past one week compared to 3.6% drop in benchmark Sensex during the period.
The stock opened at Rs 48.50 and hit a new low of Rs 46.20 on BSE. A combined 36.58 million shares have already changed hands on the counter till 1425 hours against an average around 30 million shares that were traded daily in past two weeks on NSE and BSE.
HDIL in a regulatory filing said that it has received a letter dated March 19, 2013 from CARE informing that, they (CARE) have revised the rating from CARE BBB+ (Triple B Plus) to CARE D assigned to the NCD issue of the Company citing recent developments. D rating means instruments which are in default or going to default soon.
The company said it has not accepted the said rating assigned by CARE and would like to reiterate the Company’s strong financial and operational performance and sound fundamentals and the Company has submitted to CARE to review / restore the rating.
The stock of the real estate developer has underperformed the market by falling 32% in past one week compared to 3.6% drop in benchmark Sensex during the period.