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Real Estate Stocks Plunge On Govt's Black Money Crackdown
Shares of leading realty companies such as Godrej Properties, DLF, Indiabulls Real Estate, Sobha, Oberoi, HDIL and Unitech were down 12-20 percent.
Real Estate stocks on Wednesday plunged after the government announced that the Rs 500, Rs 1000 notes will no longer be legal tender from the midnight of 8th November 2016.
Shares of leading realty companies such as Godrej Properties, DLF, Indiabulls Real Estate, Sobha, Oberoi, HDIL and Unitech were down 12-20 percent.
At 11 am, the Nifty Realty and S&P BSE Realty index were down 16% and 13%, respectively.
According to many experts, realty sector will be badly hit as most of the large non banking transaction takes place realty sector.
"Use of high denomination notes for storage of unaccounted wealth has been evident from cash recoveries made by law enforcement agencies from time to time. High denomination notes are known to facilitate generation of black money", PIB release said.
Here are some of the real estate stocks which were badly hit:
DLF was seen trading at Rs 114, lower by 20 per cent, while Delta Corp was seen trading at Rs 129, lower by 20 per cent.
Mumbai's top real estate developer, HDIL was seen trading at Rs 58.85, lower by 20.95 per cent and Indiabulls Real Estate was down at Rs 61.60, lower by 23.48 per cent.
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