HCC falls 15% on reports of subsidiary Lavasa Corp heading for bankruptcy

The stock hit 18-month low of Rs 24.60, down 15%, extending its Wednesday's 5% decline on the BSE

Hindustan Construction Company (HCC) hit 18-month low of Rs 24.60, down 15%, extending its Wednesday’s 5% decline on the BSE after the media report suggested that the company’s subsidiary Lavasa Corporation headed for bankruptcy.

Lavasa Corporation Ltd (LCL), a unit of HCC that's developing it, is considering approaching the National Company Law Tribunal (NCLT) owing to challenges faced in raising money for project completion, the DNA report suggested.

"The Lavasa management is planning to declare bankruptcy and is likely to approach the NCLT by the end of this month i.e, March 2018. The funds-starved company is finding it