HDIL hits record low on buzz its promoters default on interest payment

Housing Development and Infrastructure tumbled 7.50% to Rs 28.35 at 10:52 IST on BSE on reports the company's promoters have failed to pay interest accrued on their personal loan.

Meanwhile, the S&P BSE Sensex was down 170.87 points, or 0.89%, to 19,011.39.

On BSE, 19.43 lakh shares were traded in the counter as against an average daily volume of 40.33 lakh shares in the past one quarter.

The stock hit a low of Rs 26.10 so far during the day, which is also a record low for the counter. The stock hit a high of Rs 28.50 so far during the day. The stock had hit a 52-week high of Rs 123.95 on 16 January 2013.

The stock had underperformed the market over the past one month till 5 August 2013, sliding 20.80% compared with the Sensex's 1.61% fall. The scrip had also underperformed the market in past one quarter, falling 42.92% as against Sensex's 2.01% fall.

The small-cap company has an equity capital of Rs 419 crore. Face value per share is Rs 10.

According to media reports, Indiabulls Financial Services (IHFL) has alleged that Housing Development and Infrastructure's (HDIL) promoters, Sarang and Rakesh Wadhwan, have failed to pay interest worth Rs 3.5 crore accrued on their personal loan worth Rs 46 crore.

IHFL has claimed that promoters will have to pay the interest, that was due for the last 3 months, within 60 days. If they fail to pay up, IHFL may proceed to take possession of mortgaged property in Goa.

HDIL reported consolidated net loss of Rs 279.95 crore in Q4 March 2013, as against net profit of Rs 315.52 crore in Q4 March 2012. Total income declined 76.04% to Rs 155.54 crore in Q4 March 2013 over Q4 March 2012.

HDIL is engaged in real estate development business.

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