NEW DELHI: Shares of infra firm Hindustan Construction Company (HCC) tanked as much as 15 per cent on Thursday after reports that its city project Lavasa could be heading for bankruptcy.
Lavasa Corp, which is developing India's first private hill city project Lavasa, is considering approaching the National Company Law Tribunal by March end for voluntary insolvency owing to challenges faced in raising money for completion of the project, the media reports said.
BSE has asked for a clarification from the company. A response from the company is awaited.
Back in September, the joint lenders' forum of Lavasa Corp had decided to invoke strategic debt restructuring on the company, said an IIFL report.
At 11:44 am, shares of the company were trading 12.80 per cent lower at Rs 25.20.
Lavasa Corp, which is developing India's first private hill city project Lavasa, is considering approaching the National Company Law Tribunal by March end for voluntary insolvency owing to challenges faced in raising money for completion of the project, the media reports said.
BSE has asked for a clarification from the company. A response from the company is awaited.
Back in September, the joint lenders' forum of Lavasa Corp had decided to invoke strategic debt restructuring on the company, said an IIFL report.
At 11:44 am, shares of the company were trading 12.80 per cent lower at Rs 25.20.