Unitech crumbles and cracks

Unitech is amongst the top losers on the BSE today morning. A penny stock, it fell 3.5% to 6.52 and remains firmly in the red.

Yesterday, the Supreme Court directed Unitech to deposit Rs750 crore by December to secure bail for its director Sanjay Chandra. Mr.Chandra is imprisoned in a case of alleged forgery lodged by buyers of Unitech’s housing project in Gurugram.

The court has also ordered the setting up of an online portal for those who have invested in Unitech’s project through fixed deposits.

A total of 4,688 home buyers are claiming a refund of Rs1,865 crore from Unitech in various projects undertaken by the real estate company.