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BUZZ-India's Unitech rises on media report govt seeking to take charge of co
December 8, 2017 / 7:32 AM / a month ago

BUZZ-India's Unitech rises on media report govt seeking to take charge of co

** Shares of real-estate giant Unitech Ltd climb nearly 14 pct to 6.95 rupees

** India govt seeks court approval to take control of co, arguing mismanagement and diversion of funds, Bloomberg reports, citing people with knowledge of the matter bloom.bg/2AZCs8T

** Govt seeks suspension of Unitech’s existing board and CFO in petition filed with National Company Law Tribunal, the report adds

** Unitech could not be reached immediately for comment

** Over 68 mln shares changed hands by 0730 GMT, nearly five times the stock’s 30-day avg

** Shares of Unitech had gained over 52 pct this year up to Thursday’s close

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