Prestige Estates shares recover after Bombay HC order in Mahalaxmi case
In short
Prestige Estates shares recovered sharply after the Bombay High Court order in the Mahalaxmi project case. Prestige Estates said the September 29 order restored an earlier October 29, 2021 order that had approved a change of promoter for the Turf View Project.
This matters because it could affect the project and the company’s position. The reports do not give the share move size or explain the full dispute.
What the reporting says
Prestige Estates shares recovered sharply after the Bombay High Court set aside a MahaREAT order in the Mahalaxmi project case, according to CNBC TV18's summary. Prestige Estates said the court's September 29 order restored a previous October 29, 2021 order that had approved a change of promoter for the Turf View Project. The reporting does not state the size of the share move or the full dispute background.
Why it matters
Prestige Estates Projects said the Bombay High Court, in an order dated September 29, set aside the MahaREAT ruling in the Mahalaxmi case and restored the earlier October 29, 2021 order approving a change of promoter for the Turf View Project. The news was tied to a sharp recovery in the share price. The reporting does not give the size of the recovery or fully explain the dispute.