May 3, 2018 / 6:18 AM / a year ago

BUZZ-India's HCC sees worst day since 2008 on going concern doubts over unit

** Hindustan Construction Co Ltd plunges nearly 24 pct to 17.85 rupees, its biggest intraday pct loss since Oct 24, 2008

** Stock hits lowest level since March 1, 2016

** Auditor of co's unit Lavasa Corp said on Wednesday here it has "significant doubt about co's ability to continue as a going concern"

** Auditor also said as at March 31, net worth of Lavasa, its subsidiaries, JVs and associates has been “significantly eroded”; most of the entities have incurred losses or do not have any operations during year ended March

** Lavasa, which is developing a private hill city project in the western state of Maharashtra, posted net loss of 6.82 bln rupees for year ended March 31 to vs. loss of 1.66 bln rupees a year earlier

** Lavasa said it was in the process of preparing resolution plan along with lenders

** Lavasa’s capital work-in-progress as at March 31 includes amounts aggregating 11.97 bln rupees while total equity and liabilities as at March 31 amount to 63.77 bln rupees

** Up to Wednesday’s close, stock had lost nearly half its value in 12 months

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