Unitech seems to be on shaky grounds today. Currently the top loser on the BSE, a penny stock today, the price has fallen over 4.5% to Rs.7.74. Its 52-week low is at Rs.6.50.

The company seems to be inundated with one issue after the other. First there was news that the company has been levied with a 3% penalty for delaying a project in NCR. It is reported that the company will have to pay 12% simple interest per annum compensation in lump-sum to the consumers – and that too by 10^th f every month till it delivers the project. And this is the second project where Unitech is being asked to pay a penalty for delay in delivery.

The company issued a clarification yesterday, which did not deny this report but said that it has not received the said order and once it receives it, will decide on the further course of action.

This news was followed up with another report stating that the company is not being able to pay salaries to its employees and has also that it has delayed depositing tax deducted at source and provident fund due to a sharp slowdown in its home sales. The company has also defaulted on payments to fixed deposit holders.

And when clarification was sought on this payment crunch, the company issued a pretty rude sounding “clarification” which said, that the MD of the company had already given his clarifications and comments and thus no further clarification was required. Once again, this does not come out and say that it has no such issues.