DB Realty fell over 7 percent intraday on Thursday as investors turned wary of the stock on the back of insolvency proceedings reports.
LIC Housing Finance is believed to have filed insolvency plea against the company in the National Company Law Tribunal (NCLT), CNBC-TV18 reported, quoting news agency Cogencis.
According to a report in DNA, the company is said to have defaulted in debt repayments and deposits of employees’ PF and taxes.
Recently, the firm failed to repay a loan to LIC Housing Finance. “During this calendar year till March, it has not paid its dues to Reliance Capital, ICICI Bank and Indiabulls Housing Finance, according to the annual report of the company for fiscal 2017,” the publication reported.
The stock has fallen around 12 percent in the past one month, while its three-day loss stood at 9 percent. At 11:19 hrs DB Realty was quoting at Rs 33.50, down Rs 1.90, or 5.37 percent, on the BSE. It touched an intraday high of Rs 35.80 and an intraday low of Rs 32.85.[“Source-moneycontrol”]