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Unitech Limited, claimed to be the largest real estate developer in India by the builder itself is facing more bad weather as the loss for the first quarter of the current financial year gets widen by more than four folds from Rs. 16.47 crores during the Q1 FY18 to Rs. 72.95 crores in the Q1 FY19.
The crisis hit realty firm said in the regulatory filing that its total income for the June-end quarter stood at Rs. 77 crores, sharply plummeting from Rs. 289 crores amounted during the corresponding period of the previous fiscal year.
During the quarter ended in March 2018, the company suffered the loss of Rs. 218.46 crores against the total revenue of Rs. 1272 crores in the same quarter. The company is considered to be in rough waters as it has encountered loss for the at least fifth quarter in a row, as well as the company directors; Sanjay and Ajay Chandra, are in jail due to defaults in the delivery of real estate projects.
The share price of the company in the stock market has plummeted to their lowest of the past 52 weeks. The shares of Unitech fell as much as 3.3% and reached to Rs. 3.75 during the Thursday trading session.
