Shares of Housing Development and Infrastructure Ltd (HDIL) plummeted 20 per cent on Wednesday after the NCLT admitted an application filed by Bank of India to initiate insolvency proceedings against the debt-ridden realty firm.
The scrip tumbled 19.96 per cent to close at Rs 8.78 -- its lower circuit limit as well as 52-week low -- on the BSE.
At the NSE, it cracked 20 per cent to close at Rs 8.80.
In a regulatory filing on Tuesday, HDIL said it has been "admitted under the provisions of the Insolvency Bankruptcy Code, 2016 (IBC)" as per the order passed by the National Company Law Tribunal, Special Bench, dated August 20, 2019 pursuant to an application filed by the Bank of India.
"Further, the company is under the process to file an appeal to National Company Law Appellate Tribunal (NCLAT) against the order passed by the NCLT," HDIL said in the filing.
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