Unitech plunges nearly 8 pc on bourses

Shares of Unitech plunged nearly 8 per cent today amid reports that the National Consumer Disputes Redressal Commission (NCDRC) has asked the realty major to compensate buyers for delay in delivery of flats in Gurgaon, Haryana.
The stock tumbled 7.70 per cent to end at Rs 7.91 on BSE. During the day, it dipped 14 per cent to Rs 7.37.
At the NSE, shares of Unitech fell sharply by 7.6 per cent to close the day at Rs 7.90.
The company's market value declined by Rs 173.82 crore to Rs 2,068.18 crore.
"Realty major Unitech was down almost 14 per cent intra-day after the national consumer court NCDRC ordered it to pay compensation for delayed delivery of flats to buyers," said Rakesh Goyal, Senior Vice President of Bonanza Portfolio.

According to media reports, the NCDRC has asked real estate developer Unitech to compensate buyers for delay in delivering homes under its Vistas project in Gurgaon.
Meanwhile, Unitech in a clarification to the BSE today said, "the company has not received the said order. We will examine the order once it is received and decide further course of action keeping in view the best interest of all our stakeholders."
A number of buyers had approached the forum seeking relief, the reports said.