Unitech fails to refund delayed projects, shares take 20 per cent dip

Unitech shares slumped 20%, on Tuesday, after the real estate expressed its inability before the Supreme Court to refund money to the home buyers over its two delayed projects in Noida and Gurgaon.

The scrip tanked 20% to Rs 4.92, its lowest trading permissible limit for the day, on BSE. On NSE, it fell sharply by 19.51% to Rs 4.95.

"We don't have money. If we had money, we would have constructed the flats and buildings and given to them," Senior advocated A M Singhvi, the counsel for Unitech Ltd, had told a bench of Justices Dipak Misra and U U Lalit on Friday.

More than two dozen home buyers of Unitech's projects in Noida and Gurgaon have approached the National Consumer Disputes Redressal Commission (NCDRC) after the builder failed to give them possession of the flats as scheduled.

The consumer forum had asked the real estate firm to refund the money to home buyers with interest. Meanwhile, BSE has sought clarification from Unitech over this matter.