Oct. 26 (Bloomberg) -- Unitech Ltd., India's second-largest real estate company, has been ``slightly hit'' by the rise in interest rates, Managing Director Sanjay Chandra told reporters in New Delhi today after the stock dropped by a record.
Incremental borrowing costs are currently between 15.5 percent and 16.5 percent, Chandra said, without elaborating. The developer hasn't defaulted on payments or cut jobs, and the stock is being targeted by people with ``criminal intent,'' he said. Chandra aims to reverse a sell-off that saw Unitech plunge by 50 percent on Oct. 24 on speculation that it faces a shortage of funds. The concern was exacerbated when India's central bank this week said it would continue fighting inflation, reducing the likelihood that it will ease borrowing costs. Unitech fell the most since its trading debut in January 1991 to 31 rupees at the close of markets in Mumbai on Oct. 24. The stock, which had more than doubled last year, is down 94 percent from its record closing price of 538.25 rupees on Jan. 2. Unitech is filing complaints with the Securities and Exchange Board of India and other regulators against the people who have spread ``malicious rumors'' about its operations to drive down the share price, Chandra said. For all your stock queries mail us at [EMAIL PROTECTED] or check if it's already answered at http://groups.google.co.in/group/india-investor-forum/web/investors-stock-queries For all result updates visit http://groups.google.co.in/group/india-investor-forum/web/results-update-q2fy09 For recent brockerage reports http://groups.google.co.in/group/india-investor-forum/web/recent-brockerage-reports Also check out http://groups.google.co.in/group/india-investor-forum/web/where-will-nifty-bottom http://groups.google.co.in/group/india-investor-forum/web/investors-guide Thanks Adi Shah http://groups.google.co.in/group/india-investor-forum --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
