Shares of HDIL hit lower circuit

Shares of Housing Development and Infrastructure Ltd extended losses on Wednesday falling nearly 5 per cent to hit the lower circuit limit amid reports that auditors of the realty firm may be included in the ongoing PMC Bank scam probe.

The stock fell 4.73 per cent to its lower circuit limit of Rs 3.02, which was also its 52-week low and settled at the same price.

A similar trend was seen on the NSE, where the stock hit its 52-week low as well as the lower limit of Rs 3.20 and settled at the same, down 4.48 per cent over previous close.

The stock has dived 52.8 per cent in the last 17 trading sessions.

According to reports, the Mumbai Police's Economic Offences Wing may expand its probe into the PMC Bank fraud case and the auditors of the Housing Development and Infrastructure Ltd (HDIL) might be included under it.

Meanwhile, on October 7, the Enforcement Directorate conducted fresh searches at a posh bungalow located in Alibaug in Maharashtra in connection with the PMC Bank money laundering case.

According to officials the 22-room bungalow is linked to HDIL promoters Wadhawan's and has been sealed by the agency after the raid.

The agency has also seized Rs 60 crore worth jewellery, a business jet, 15 cars, two fixed deposits worth Rs 1.5 crore and Rs 10 crore in connection with the investigation of the case.

The regulatory action on the Punjab & Maharashtra Cooperative (PMC) Bank was imposed on account of major financial irregularities, failure of internal control and systems of the bank and wrong/under-reporting of its exposures under various off-site surveillance reports to RBI that came to it's notice last month.

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