Unitech shares fall nearly 5% intraday as Q4 net loss widens

Shares of realty firm Unitech fell nearly 5% on Tuesday after the company's consolidated net loss widened to Rs 539.47 crore in the fourth quarter ended March.

The stock dipped 4.27% to Rs 3.81 on the BSE. On the National Stock Exchange (NSE), it slipped 5% to Rs 3.80.

However, at 1257 hours, the company's stock recovered from the day's low but was still very much under the redline. At the time, the stock was trading at Rs 3.84, down Rs 0.14 or 3.52% lower on the BSE and at Rs 3.80, down Rs 0.20 or 5.00% on the National Stock Exchange (NSE). 

Unitech's consolidated net loss widened to Rs 539.47 crore in the fourth quarter ended March on account of lower income from operations.

The company had reported a net loss of Rs 162.54 crore in the corresponding quarter of 2014-15.

Its total income from operations during January-March quarter stood at Rs 483.55 crore, much lower than Rs 813.23 crore in the year-ago period, the company had said in a BSE filing on Monday.

However, its total expenses reduced to Rs 987.85 crore during the quarter under review as against Rs 1,143.83 in the year-ago period.

Consolidated net debt as on March 31, 2016, was Rs 7,165.70 crore.