Jaypee Infratech which is amongst 12 corporate defaulters hit a lower circuit today after the centre mooted sale of the company's assets to complete the construction of its ongoing projects. Hit by insolvency, the centre via this asset sale plans to be a relief to as many as 1000s of home buyers into the company's projects.
In the morning hours at 10:35 am the scrip fell by 4.72% down to Rs. 16.15 while the benchmark Sensex was trading higher by 0.12% at 31,486 at the same time.
However in the late hours the scrip recovered at Rs 17.75 at 1:47pm on the BSE.
The homebuyers are in a distress after the NCLT has agreed to the banking authorities plea to initiate insolvency proceedings against the company for defaulting to the tune of Rs. 526 crore loan which it ows to IDBI Bank.
The buyers are also known to resort to home finance companies including HUDCO and other agencies including NBCC and are seeking help and recourse from them.