Unitech shares plunge more than 3% due to weak numbers reported for March quarter
Close on the heels of real estate firm Unitech recently reported consolidated loss of Rs 51.55 crore for the January-March quarter, the shares of the company plunged by over 3 percent on Thursday.
As an apparent result of the consolidated loss posted by Unitech, the company’s scrip closed at Rs 27 on Thursday, underscoring a decline of 3.40 percent on the BSE. In intra-day, the shares of the realty firm witnessed a drop of 5 percent, to Rs 26.55.
At the NSE, the shares of Unitech ended the day at Rs 27.05, marking a 3.05 percent plunge.
In terms of the volume of Unitech shares traded during the day, 88.22 lakh shares of the realty firm change hands at the BSE; while more than 8 crore Unitech shares were traded at the NSE.
A day earlier, Unitech had posted weak quarterly numbers for the quarter which ended March 31. While posting its quarterly results, the company had said that its Rs 51.55 crore consolidated loss for the quarter was largely a consequence of the provision to write off an investment of Rs 103.02 crore in its erstwhile telecom business.
However, despite the consolidated loss, Unitech reported that its net sales in the fourth quarter of last fiscal saw an increase of 22 percent, to Rs 1,033.31 crore. In comparison, the realty firm’s net sales figure in the same quarter a year back was Rs 848.25 crore.
Source: The Financial Express
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