Unitech blames bear cartel for share price crash

NO WORRY: Unitech MD Sanjay Chandra says there has been no default whatsoever by the company.

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New Delhi: Leading realty firm Unitech has blamed a cartel of bear operators for Friday's plunge of over 51 per cent in its share price.

Unitech Managing Director Sanjay Chandra said that the company is in the process of filing complaints to the Securities and Exchange Board of India (SEBI) against share price manipulation.

Chandra also said that Unitech will be investigating some brokers that company is suspecting for spreading malicious rumours about its financial health.

He also gave assurance about completion of the residential projects as they are totally funded.

"Both in Noida and Greater Noida we have 10-15 properties. Over the last one and half year we have paid over rs 2000 crore to teh authorities. One particular plot in question is one where there was a farmers' agitation about 10 months ago. So the government could not give us possession for about 15 months. So in that particular sector of Greater Noida, they rescheduled payments for all developers. So there was no default whatsoever and even Noida Authority had given a clarification," said Chandra.

"We are in the process of filing complaints to SEBI, Department of Economic Affairs and CBI for probing manipulation in our share price," Chandra said.

Unitech share price plunged on Friday last week following reports that the firm defaulted on payments to Greater Noida Development Authority for a land deal struck in 2006.