A senior executive at real estate developer Housing Development & Infrastructure Ltd said on Thursday the company was "very comfortable" with its debt repayments, after its shares fell as much as 22 percent.

"There have been lots of rumours in the market about bankruptcy and defaults, which we totally deny," said Hariprakash Pandey, vice-president of finance at HDIL, in a conference call.

"We are very comfortable with the debt repayment schedule and we are as per schedule," he added.

HDIL shares were down 15.4 percent as of 12:44 p.m., after dropping 20.4 percent in the previous two sessions.