HCC hits a new low

HCC is the top loser on the BSE currently, going down 15% to hit a new 52-week low at Rs.24.60. Volumes have jumped up over 7.5%.

The stock price tanked on unconfirmed news that its pet peeve – Lavasa might be heading for bankruptcy.

The news is that Lavasa would be approaching the National Company Law Tribunal by end of March, seeking voluntary insolvency. This is on account of the uphill task it is facing for raising funds needed to complete the project.

The BSE has sought a clarification from the company, which is yet to respond.