The stock has underperformed the market by falling 55% in past two months after vice-chairman and managing director Sarang Wadhawan sold a partial stake in the company.

HDIL has tanked 10% to Rs 54.75 on back of heavy volumes on the bourses.

The stock opened at Rs 60.25 and hit a low of Rs 52.20, its lowest price since January 2011 on BSE. As many as a combined 32.82 million shares have changed hands on the counter till 1041 hours against an average sub 25 million shares that were traded daily in past two weeks on BSE and NSE.

According to report the Mumbai-based property developer might lose its airport redevelopment project in city where it is building homes for slum dwellers.

“There is a buzz that the government is mulling cancellation of contract of MIAL (Mumbai International Airport Limited) Project,” the Business Standard report suggests quoting an analyst from Mumbai-based brokerage.

The stock was continuously under pressure in past two months falling 55% after vice-chairman and managing director Sarang Wadhawan sold a partial stake in the company. The BSE benchmark index Sensex was down 5.4% during the same period.

Meanwhile, the promoters hold 37.36% stake in the company, have pledged almost entire or 96.24% of its holding at the end of December 2012 quarter, the shareholding pattern data shows.

Source: Business Standard

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