HDIL top loser on BSE
HDIL is currently the top loser on the BSE, down almost 3% at Rs.46.60 and very close to its new 52-week low at Rs.43.65, which it had hit on 26th March’13.
The stock is down after it posted a set of dismal numbers for Q4FY13 wherein it reported a consolidated net loss at Rs.280 crore. This was on account of two factors – firstly, lower revenues from operations which came in at Rs.140 crore, down 77% (YoY). Secondly, the company had to write off unrealised cost to the tune of Rs.442 crore pertaining to Mumbai International Airport Slum Rehabilitation (MIAL) project.
MIAL has stated that the company has not rehabilitated dwellers, missed the deadline of 2011, not provided homes to the slum dwellers and also not provided a clean title for the land and not provided cash deposit as a performance guarantee.
HDIL has not accepted the legal notice and has decided to initiate legal action.