Mukta Arts has plunged 14% to Rs 33.50 after the Bombay High Court (HC) directed promoter Subhash Ghai to surrender the open space of 14.5 acres in Goregaon (East), where Ghai's institute Whistling Woods is located, immediately and the remaining 5.5 acres where the studio and building stand by July 31, 2014.

“Ghai has been asked to pay rent at market rate from 2000, when he got the land, till he returns it," the report suggests.

A combined 118,733 shares have changed hands on the counter so far on the NSE and BSE.