HDIL hits record low on promoters' interest payment default

Moneycontrol Bureau

Housing Development and Infrastructure (HDIL) shares plunged nearly 15 percent in morning trade to touch a record low of Rs 26.10 Tuesday on interest payment default.
Indiabulls Financial Services (New name - Indiabulls Housing Finance after merger) has alleged that the promoters of HDIL, Rakesh and Sarang Wadhawan have defaulted on their interest payments, reports CNBC-TV18.
Promoters of Mumbai-based real estate firm did not pay Rs 3.3 crore interest on a loan. Their loan accounts have now been classified as non-performing assets, says Indiabulls Financial.
Indiabulls Housing Finance has given them 60 days time to clear dues. If they fail to pay up, the company may proceed to take possession of mortgaged property in Goa.
At 10:43 hours IST, the stock lost 8.32 percent to Rs 28.10 on the BSE.