Unitech shares fall up to 15% after MD Sanjay Chandra arrested for alleged money laundering
The Unitech stock fell as much as 15 percent after Delhi Police's Economic Offences Wing arrested the Managing Director of Unitech and another person on Saturday for allegedly not developing a project despite receiving funds from investors.
- Apr 3, 2017,
- Updated Apr 3, 2017 3:50 PM IST
The Unitech stock fell as much as 15 percent after Delhi Police's Economic Offences Wing arrested the Managing Director of Unitech Sanjay Chandra and another person on Saturday for allegedly not developing a project despite receiving funds from investors.
At 11:18 am, the stock was trading at Rs 5.03 level, down 9.87 percent on the BSE.
The stock closed at Rs 5.57 on Friday.
Today, it opened at Rs 5.30 level and hit an intra-day low of Rs 4.46 on the BSE.
It closed 9 percent lower to Rs 5.07 on the BSE.
"The accused, Ajay Chandra and Sanjay Chandra of Unitech, have been arrested for not developing a project, Anthea Floors, at Gurugram," a police officer told PTI.
"Ninety-one people have invested Rs 35 crore in the project. The probe into the case is being monitored by a trial court," the officer said. It is learnt that the investors had also approached the Delhi High Court in this regard.
The Unitech stock fell as much as 15 percent after Delhi Police's Economic Offences Wing arrested the Managing Director of Unitech Sanjay Chandra and another person on Saturday for allegedly not developing a project despite receiving funds from investors.
At 11:18 am, the stock was trading at Rs 5.03 level, down 9.87 percent on the BSE.
The stock closed at Rs 5.57 on Friday.
Today, it opened at Rs 5.30 level and hit an intra-day low of Rs 4.46 on the BSE.
It closed 9 percent lower to Rs 5.07 on the BSE.
"The accused, Ajay Chandra and Sanjay Chandra of Unitech, have been arrested for not developing a project, Anthea Floors, at Gurugram," a police officer told PTI.
"Ninety-one people have invested Rs 35 crore in the project. The probe into the case is being monitored by a trial court," the officer said. It is learnt that the investors had also approached the Delhi High Court in this regard.