HDIL says promoters have not paid mortgage loan interest

MUMBAI (Reuters) - Housing Development and Infrastructure Ltd (HDIL) said on Tuesday its promoters have not paid interest on a mortgage loan taken for personal use and that they are working with the lenders to resolve the issue.

On Monday, local television channel CNBC-TV18 reported that HDIL's promoters failed to pay an interest of 35 million rupees on a loan of 460 million rupees from a non-banking finance company.

"We are informed by the promoters that they have taken a mortgage loan against their property situated at Goa for their personal use and interest on the said loan was not paid," the company said in a statement to the stock exchange.

 

"We are informed by the promoters that they will be clearing the dues shortly and the matter is being sorted out and resolved with the lenders," HDIL said.

Shares in HDIL ended 12.9 percent lower at 26.70 rupees on Tuesday. The Indian market fell nearly 2.5 percent.

(Reporting by Aditi Shah; Editing by Prateek Chatterjee)