Godrej Properties slumps 10% as board approves investment in DB Realty

In the last two trading sessions, the stock has tanked 16 per cent. The company reported a subdued December quarter as its pre-sales volumes declined 7 per cent YoY and 39 per cent on a QoQ basis.

Shares of Godrej Properties slumped 10 per cent to Rs 1,502.35 in Friday’s intra-day trade after its board approved an investment of Rs 400 crore in DB Realty (DBR), to acquire around 10 per cent stake through the issue of warrants. The stock of the Mumbai-based real estate firm has tanked 16 per cent in the past two trading sessions. The company had after reported a subdued December quarter results as its pre-sales volumes declined 7 per cent year-on-year/ 39 per cent on a sequential basis.

At 09:27 am; Godrej Properties traded 7 per cent lower at Rs 1,556,