Shares of Unitech soared 15 per cent on the bourses today after the realty firm said it has not committed fraud with any customer.
The rally in the stock comes days after a Delhi court sent the company's promoters Ajay Chandra and Sanjay Chandra to police custody in an alleged fraud case related to a Gurugram-based real estate project.
On the BSE, the scrip climbed 15.38 per cent to close at Rs 5.85.
The stock surged 14.71 per cent to settle at Rs 5.85 on the NSE.
On the volume front, more than 8.08 crore shares of the firm exchanged hands on the bourses.
In a filing to the BSE, Unitech today said its Managing Directors have been taken into custody for delay in delivery of a project, "which is due to reasons beyond the control of the company and general recession in the real estate sector".
"We state that the company operates its business on sound business principles and there is no fraud committed with any customer," the company said.
Further, Unitech clarified that day to day operations of the company are fully functional.
The court had extended the police custody of the promoters by three more days on April 3.
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