Indiabulls Real Estate Faces Stock Drop Following MIDC's Land Vacation Order

6 Mar 2024 , 03:39 PM

Shares of Indiabulls Real Estate witnessed a 4.3% drop at the NSE opening on March 6, following a vacation order from MIDC for a Nashik SEZ land, affecting both Indiabulls Real Estate and its subsidiary Indiabulls Industrial Infrastructure. The stock was trading at ₹106.40, reflecting a 9.68% decrease from the previous close. MIDC’s order instructs both entities to vacate the land within one month. 

Indiabulls Industrial Infrastructure, while planning further development, submitted a revival plan proposal to MIDC. Indiabulls Real Estate is exploring legal options to counter what they deem an ‘unlawful’ order. Despite this setback, the stock has gained over 89% in the last year. In Q3FY24, Indiabulls Real Estate reported a 25% YoY decline in revenue to ₹112 Crore, while net profit surged nearly 84% YoY to ₹38.65 Crore.

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