Real Estate stocks came in for heavy selling pressure today, with HDIL leading the pack on reports that one of the promoters had sold a stake in the company.
While HDIL slumped 17 per cent, Unitech shed 5 per cent, Anant Raj Industries dropped 5 per cent, Sobha Developers shed 3.68 per cent and Indiabulls dropped 3 per cent. HDIL had earlier this week said Wadhawan sold 50 lakh shares worth Rs 57 crores in the secondary markets, reducing his stake in the company.
Real Estate stocks had run up sharply in the last few weeks on hopes of a rate cut by the RBI and better overall prospects. However, analysts had been warning that the run up in the sector was hardly on the back of improving fundamentals and was more on the back of speculation.
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