Why HUDCO share price has lost over 10% in two days

Housing and Urban Development Corporation (HUDCO) share price closed lower for the second after day after the PSU said its two borrowing agencies had defaulted in repayment of their dues of Rs 87.46 crore against the principal outstanding of Rs 869.41 crore. The two borrowing agencies have been classified as NPAs with an impact of 1.14% on gross NPAs, said HUDCO.

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The PSU firm did not disclose the identity of defaulters. HUDCO share price ended 4.86% lower at Rs 36.20 today compared to the previous close of Rs 38.05.  

Share price of HUDCO has lost 10.64% in last two days. It fell 6.18% to Rs 35.7 on BSE.

On NSE, the stock closed 5.12% lower at Rs 36.10.  The stock has lost 12.67% in last one year and fallen 15.72% since the beginning of this year. HUDCO provides long-term finance for construction of houses for residential purposes and undertakes housing and urban development programmes in the country.

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By Aseem Thapliyal