Unitech shares fall over 7% on losing case against buyers over Gurgaon project

Unitech shares plunged over 6 per cent in noon trade on Tuesday on reports that the realty major has lost a case against buyers of its Gurgaon project at National Consumer Disputes Redressal Commission (NCDR).

At 12.52 pm, shares of the company were trading at Rs 8.09 - down 5.60 per cent against its previous close. The scrip has so far touched a high and low of Rs 8.25 and Rs 7.37 during the day's trade.

In this regard, the Bombay Stock Exchange has sought clarification from Unitech with reference to the news that appeared in a national daily on Tuesday captioned "Unitech loses case against buyers of Gurgaon project at NCDRC".

For the year ended March 2015, Unitech reported a net loss of Rs 128.34 crore, down 284.03 per cent against net profit of Rs 69.74 crore last year.

The share price of the company closed at Rs 7.91, down 7.70 per cent against its previous close.