Unitech shares down nearly 12% intraday after Q3 loss

Shares of realty firm Unitech on Friday plunged 11.98% intraday after the company reported a consolidated net loss of Rs 16.10 crore for the quarter ended December 31.

On the BSE, the company's stock opened at Rs 4.20 as compared to its previous close of Rs 4.09. However, at 1221 hours, Unitech shares had recovered from the day's low but were still trading down 9.54% or Rs 0.39 at Rs 3.70 on the BSE. 

On the NSE, the company's stock had opened at Rs 4.20 compared to its previous close of Rs 4.10. It dived 12.20% intraday to Rs 3.60. At 1218 hours, the shares had recovered to trading 8.54% or Rs 0.35 below the red line, at Rs 3.75.

Unitech had, on Thursday, reported a consolidated net loss of Rs 16.10 crore for the December quarter on a sharp rise in finance cost. The Gurgaon-based developer had posted a net profit of Rs 43.33 crore in the year-ago period.

The company's income from operations fell to Rs 408.74 crore in the quarter as against Rs 706.81 crore in the same period last year, the company said in a regulatory filing.

On a standalone basis, the company has posted a net profit of Rs 26.74 crore, while total income was at Rs 271.12 crore.