DB Realty stock tank, why?

Stocks

oi-Monika

By Monika Nihalani

Published: Thursday, November 3, 2011, 16:29 [IST]

The stock of DB Realty fell 3% during the trading hours and was seen trading low at by 2.52% or 1.85 points at Rs 71.45. The stock made an intraday high of Rs 79.60 during the day.

DB Realty, the India's 3rd largest realty company is in the midst of fuss since February 8, when its one of the promoters – Shahid Usman Balwa got arrested on accusations of 2G scam.

The entrepreneur is also under the probe of CBI for misusing loans.

The Delhi court on Thursday dismissed the bail petition of promoter Shahid Balwa alongwith DMK MP Kanimozhi and seven others who are in the spiral of 2G case.

The others include, A Raja, Sharad Kumar, Rajeev Agarwal, Karim Morani, Asif Balwa and Siddharth Behura.

The court has charged the accused for receiving and giving bribes.

Following the court's announcement, the stock of DB Realty plunged 11% from the day's high to the low of Rs 70.75 on the Bombay Stock Exchange (BSE).

The stock reflected a similar trend on the National Stock Exchange (NSE). It was seen trading low by 2.11% at Rs 71.90 after the announcement.

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