Shares of Housing Development and Infrastructure Limited (HDIL) became the topic of discussion in the market on Tuesday. Despite heavy market fall, the company’s shares rose 5% to intra-day high of ₹3.90. Earlier, the closing price of the share was ₹3.72.
cause of acceleration
The company said that their Chief Financial Officer (CFO) and Company Secretary (CS) Darshan Majmudar have resigned from their posts. However, the Committee of Lenders (COC) rejected this resignation and directed him to continue in his post.
Stock performance and decline history
- Long term decline:
- On January 11, 2008, the share price was more than ₹1,000. Since then it has declined by more than 99%.
- Recent Performance:
- The stock has given zero returns so far this year.
- A 5% decline was recorded in the last one year.
- However, the stock has seen a rise of more than 7% in the last 5 days.
market conditions
A huge fall was recorded in the market on Tuesday.
- Sensex:
- Falling 1,235.08 points (1.60%) to close at 75,838.36.
- This is the lowest level in seven months.
- Other indices:
- BSE Smallcap fell by 1.94% and Midcap fell by 2%.
- Investors lost ₹7.52 lakh crore due to this fall.
Tips for investors
The recent rally in HDIL shares may be short-lived, as the company’s long-term performance has been weak. Keeping in mind the current market fluctuations and situations like management resignations, investors should remain cautious and take decisions only with long-term strategy in mind.
