Nifty Realty index sinks over 7% amid weak market cues; Indiabulls, DLF nosedive 10-12%

Sobha, Prestige, Sunteck Realty and Godrej Properties also were under extreme selling pressure.

Apr 12, 2021 12:04 IST India Infoline News Service

Nifty Realty stocks joined the markets bears on Monday. At around 12.15 pm, Nifty Realty was trading at 308.30 down 23.75points or 7.15%, after touching the day's low of 306.60.
Indiabulls Real Estate shed 11.59% while DLF was down 10.5% to drag the sector.

Sobha, Prestige, Sunteck Realty and Godrej Properties also were under extreme selling pressure.
The realty sector faced the brunt of Covid-19 lockdown last year and the fears seem to return with concerns over rising Covid-19 cases in the country and fears of lockdown in certain states.

The Industry had picked up pace after the lockdown last year due to reduction in stamp duty and interest rate and various other measures taken by central, state or local authorities.

However, the fears of everything coming to a halt again have returned to reduce investor sentiment.

Indiabulls Real Estate was trading at Rs75.50 per piece while DLF struggled at Rs250.20 per piece. 

Sobha shunned 8.57% while Prestige was 7.26% down. Sunteck Realty and Godrej Properties also lost over 6.5% each.

Brigade, Hemisphere Properties, Phoenix Mills Limited and Oberoi Realty also were down nearly 4% in an all negative sector. 

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