HDIL Faces IBC Proceedings, Stocks Falls 20pc

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Shares of Housing Development & Infrastructure Limited (HDIL) slipped 20pc intraday to hit its One-Year-low on the NSE on Wednesday. This is after the NCLT admitted Bank of India’s insolvency appeal against the real estate major. The bank earlier approached the Mumbai bench of the NCLT against HDIL after the company failed to repay dues of Rs.522-Cr.

On 5th June, the bankruptcy court had directed HDIL to pay Rs.98-Cr to Bank of India within one month. HDIL reportedly owes Rs.520Cr to Bank of India and had agreed to pay it in tranches.

At 12.25pm, shares of HDIL were down 20% at Rs.8.80/share, while the broader index Nifty was down 0.44% at 10,968.85. The stock opened at Rs10.20 per share and hit a high of Rs.10.40 and also fell its one-year-low level at Rs8.80 per share.

Housing Development & Infrastructure Limited or HDIL is one of India’s top real estate development companies, with outstanding operations in the Mumbai Metropolitan Region.

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