Hindustan Construction Plunges On Lavasa Setback


Hindustan Construction Limited is trading lower by over 3% at Rs 39.85 per share as of 0950 hours on Wednesday. The stock touched its intraday low of Rs 39.7 per share as of 0957 hours.

The fall in the share price can be attributed to the news related to the company’s arm Lavasa Corporation Limited.

The Special Planning Authority (SPA) status of Lavasa Corporation Limited was scrapped by the Maharashtra government, reported the leading business daily.

The Maharashtra government handed over all the rights of project approval to the Pune Metropolitan Region Development Corporation (PMRDA). The SPA gave Lavasa total control over the use of the land and its development.

The company had received the SPA status from the Maharashtra government in 2008. The company with its joint venture with HSEPL has recently won Rs 673 Cr order in Rajasthan.

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