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3.84% Decline in Real Estate Stocks-DLF, Unitech Major Losers


3.84% Decline in Real Estate Stocks-DLF, Unitech Major Losers

Last updated: November 23 2010
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  • 3.84% Decline in Real Estate Stocks-DLF, Unitech Major Losers

    Led by a fall in real-estate majors Unitech and DLF, realty stocks declined 3.84 per cent on the Bombay Stock Exchange on Friday on profit-booking amid the ongoing crisis over the 2G spectrum controversy. While shares of Unitech Ltd’ closed 4.56 per cent down at Rs 67.95 hitting a five-month low, DLF Ltd finished 3.53 per cent lower at Rs 307.80.
    Other major losers were Indiabulls Real Estate, which tumbled 5.86 per cent to Rs 173.50, HDIL 3.96 per cent to Rs 230.50 and Sobha Developer 4.03 per cent to Rs 307.50 on the BSE. The 13-share realty index of the BSE suffered the most among the sectoral indices registering a fall of 126.71 points, or 3.84 per cent, to 3,173.57 after touching an intra-day low of 3,162.57.
    Meanwhile, the BSE-30 benchmark Sen plunged 345.20 points, or 1.73 per cent to close at a two-month low of 19,585.44. Trade analysts said that apart from profit-booking by speculators as well as funds, the ongoing 2G spectrum allocation row also dampened the trading sentiments, triggering wide-spread selling, dragging the key benchmark Sen to close at a two-month low.
    Talking particularly about Unitech they said that the shares of the company, which also has a telecom joint venture with Norway’s Telenor, remained under acute selling pressure amid concerns that the company may be probed as a part of the 2G spectrum allocation scam. Other major losers in the realty index include Orbit Corp by 1.50 per cent to Rs 98.60, DB Realty by 4.64 per cent to Rs 359.60, Ackruti City by 4.29 per cent to Rs 440.45, and Ananat Raj Industries by 1.50 per cent to Rs 124.80.
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