BSE Realty index tanks 6%; DLF plunges 9%

DLF, Unitech, Anant Raj Ind,HDIL, Indiabulls Real Estate, DB Realty, Oberoi Realty and Prestige Estates are down 5-10% on the BSE.

Shares of real estate companies are under selling pressure falling by up to 11% in late noon deal on the bourses.

DLF, Unitech, Anant Raj Industries, Housing Development and Infrastructure (HDIL), Indiabulls Real Estate, DB Realty, Oberoi Realty and Prestige Estates are down 5-10% on the Bombay Stock Exchange (BSE).

The real estate company’s index - S&P BSE Realty, the largest loser among sectoral indices, is down nearly 6% as compared to 0.63% decline in benchmark S&P BSE Sensex at 1420 hours.

In past two months, the realty stocks have outperformed the market by wide margin. Since March, the S&P BSE Realty index had rallied 22.5% against 6.4% rise in benchmark S&P BSE Sensex till yesterday.

Among the individual stocks, Unitech has tanked 11% to Rs 15.45 on the BSE. DLF has dipped 9% to Rs 140, while HDIL and Anant Raj Industries slipped 7% each at Rs 68 and Rs 54 respectively. Indiabulls Real Estate and DB Realty are down 6% each at Rs 62 and Rs 68 respectively.