Shares of real estate and infrastructure companies are under pressure and down up to 8% after the rupee slumped to a record low today raising concerns that the rising rupee would force the Reserve Bank of India (RBI) to defer reduction in key policy rate going forward.
The Bombay Stock Exchange (BSE) realty index, the largest loser among sectoral indices in percentage terms, is down 4.7% compared to 2.1% fall in benchmark Sensex at 1206 hours.
Among the individual stocks, DLF, the real estate giant, has tanked nearly 8% to Rs 175, its lowest value since August 2011, on BSE.
Indiabulls Real Estate has dipped 7% to Rs 66.90, followed by IVRCL (6% at Rs 15.45), Jaiprakash Associates (6% at Rs 59.85), IRB Infrastructure (5% at Rs 111), Reliance Infrastructure (5% at Rs 345) and Unitech (5% at Rs 21.10).
Oberoi Realty, Punj Lloyd, Shriram EPC and Omaxe are among others are trading at their 52-week lows.
On Monday, the RBI had kept key policy rates unchanged in view of high food inflation, the declining value of rupee and global uncertainty.
Most of the analysts believe that if the rupee continues to decline against the US dollar, a further rate cut in July looks far fetched.
The Bombay Stock Exchange (BSE) realty index, the largest loser among sectoral indices in percentage terms, is down 4.7% compared to 2.1% fall in benchmark Sensex at 1206 hours.
Among the individual stocks, DLF, the real estate giant, has tanked nearly 8% to Rs 175, its lowest value since August 2011, on BSE.
Indiabulls Real Estate has dipped 7% to Rs 66.90, followed by IVRCL (6% at Rs 15.45), Jaiprakash Associates (6% at Rs 59.85), IRB Infrastructure (5% at Rs 111), Reliance Infrastructure (5% at Rs 345) and Unitech (5% at Rs 21.10).
Oberoi Realty, Punj Lloyd, Shriram EPC and Omaxe are among others are trading at their 52-week lows.
On Monday, the RBI had kept key policy rates unchanged in view of high food inflation, the declining value of rupee and global uncertainty.
Most of the analysts believe that if the rupee continues to decline against the US dollar, a further rate cut in July looks far fetched.
