Realty Stocks Sink, Unitech Crashes 52 Per cent

By Super
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Mumbai, Jun 3 (PTI) Led by Unitech, realty stocks witnessed massive selling pressure today, falling sharply by up to 52 per cent, a day after the RBI hinted that there may not be any more interest rate cut in the near-term.

    Shares of Unitech nosedived 51.63 per cent to Rs 6.50 -- its 52-week low at the BSE. The stock also faced massive selling pressure amid reports of company defaulting on loans.

    Realty Stocks Sink, Unitech Crashes 52 Per cent
    Unitech: Quotes, News
    BSE 2.23BSE Quote0 (0.00%)
    NSE 2.25NSE Quote0 (0.00%)
     

    Housing Development and Infrastructure Ltd plummeted 16.9 per cent, Indiabulls Real Estate slumped 15.33 per cent, Anant Raj (11.45 per cent), DLF (9 per cent) and Oberoi Realty (7.73 per cent).

    Following the sharp losses in these scrips, the BSE realty index tumbled 6.54 per cent to 1,404.32 points.

    EMIs on home and auto loans are expected to come down with SBI and other banks cutting lending rates after RBI yesterday slashed policy rate by 0.25 per cent.

    Reserve Bank Governor Raghuram Rajan, however, cautioned that uncertain monsoon may prevent future rate cuts.

    Central bank in its second bi-monthly monetary policy used subdued inflationary condition to "front load" the repo rate cut to 7.25 per cent to spur investment and growth.

    Meanwhile, the benchmark BSE Sensex was trading with a sharp loss of 413.37 points at 26,769.98. 

    PTI

    Read more about: realty stocks unitech
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more