|
| Realty stocks tumble on RBI measures |
| BS Reporter / Mumbai Oct 27, 2009, 16:15 IST |
|
Realty sector tumbled today as the Reserve Bank of India reveiwed its monetary policy. Though the premier bank kept key policy rates unchanged, it took a stricter view of the real estate sector. RBI has raised the provisioning requirements for loans to commercial real estate from 0.4% to 1%.
The statement said that, "In view of large increase in credit to the commercial real estate sector over the last one year and the extent of restructured advances in this sector, it would be prudent to build cushion against likely non-performing assets (NPAs).
The BSE Realty index plunged 6.2% to 4,046. Earlier in the day the index opened at 4,264 and touched a low of 3,974.
All the realty stocks ended in the red. Sensex stock, Unitech plunged 7.5% to Rs 86 after toucing a low of Rs 84. Over 22 million shares changed hands at the counter today.
DLF tumbled 6.5% to Rs 402. Over 3.93 million shares were traded on the BSE today.
Omaxe crashed 10% to Rs 107. HDIL tanked 8.6% to Rs 341. Ansal Infrastructure shed 8.5% to Rs 69.
Parsvnath, Phoenix Mills, Peninsular Land, Ackruti City and Orbitco slumped 5-7% each.
Sobha Developers declined 4.5% to Rs 230. Mahindra Lifespace Developers slipped 3.3% to Rs 343.
Anant Raj Industries and Indiabulls Real Estate fell 2.8% each to Rs 141 and Rs 256, respectively.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
