Housing Development and Infrastructure (HDIL) recovered in early trade on Friday but with just gain of over 2% after a steep fall over last 3 sessions on the concern over the company's cash position and strength of balance sheet.
Shares of the company plunged 22.4% Thursday following 14.3% drop on Wednesday and 7% fall on Tuesday. In total, shares plunged 38.2% since Monday. With this, company lost Rs 19.4 billion in market capitalization, which now stands at Rs 31.3 billion.
There was speculation, the company, which has debt burden of over Rs 40 billion, may become bankrupt. However, the company management denied talks of bankruptcy.
The stock came under pressure on Tuesday after Sarang Wadhawan, vice chairman and managing director of HDIL sold 1% stake in the company to raises about Rs 570 million to make urgent payment for land, which was purchased a year back.
Shares of the company are trading at Rs 76.35, up Rs 1.7, or 2.28% at the Bombay Stock Exchange (BSE) on Friday at 9:52 a.m.
The scrip has touched an intra-day high of Rs 77.80 and low of Rs 68.20. The total volume of shares traded at the BSE is 6,256,134.
In the earlier session, the shares fell 22.44%, or Rs 21.6, at Rs 74.65. Currently, the stock is trading down 43.61% from its 52-week high of Rs 135.40 and above 28.1% over the 52-week low of Rs 59.60.
|Share Price Movement|
||in % |
|Note: Based on previous day closing price.|