Orbit Corporation has fallen over 4% to Rs 12.65 after LIC Housing Finance took possession of its property in Mumbai pursuant to a loan default by the company.
The property which is located in Lower Parel area of Mumbai measures around 25,670-square feet. Orbit Corporation had taken a loan of Rs 95 crore. Company's MD Pujit Agarwal and chairman Ravikiran Agarwal were guarantors for the loan.
The stock opened at Rs 13.10 and has hit a low of Rs 12.60 while around 10 lac shares have changed hands on BSE and NSE combined till 11:50 hrs.
Meanwhile, LIC Housing Finance has gained around 1% to Rs 435.55.
