Eraaya Lifespaces sues Elara Capital for $4 crore

Eraaya Lifespaces has filed a lawsuit against Elara Capital PLC for $4 crore related to unreceived proceeds from Foreign Currency Convertible Bonds (FCCBs). The company claims Elara is wrongfully withholding these funds. On March 17, Eraaya's stock price fell to ₹70.45 but later rebounded to ₹75.80 during trading. It currently trades at ₹71.10, down 4% from the previous close. The small-cap stock has a market cap of ₹1,355 crore and has seen a significant increase of 115% over the past year, outperforming the broader market.