Hindustan Construction Tanks On Report Unit May Turn Bankrupt
Shares of the construction company extended decline for the fifth straight trading session, its longest losing streak in a month. The stock fell as much as 15.5 percent, the most since November 2016, to hit a 20-month low at Rs 24.35.
The company’s unit, Lavasa is considering to approach National Company Law Tribunal, or NCLT, due to challenges faced in raising money for projects, DNA reported earlier Thursday.
Trading volume was 21.5 times, its 30-day average. The Relative Strength Index was 18, indicating that the stock may be oversold.
