Mumbai: Counted among the best performers during the market rally, realty stocks led by industry leader DLF Ltd fell like a pack of cards on the bourses today - surpassing even the Sensex in the journey down.
The total investor wealth in the 11 constituents of the BSE Realty index, based on their cumulative market cap, dipped by as much as Rs 15,000 crore from about Rs 2,00,000 crore on 26 July.
The newly launched index was trading over 5% down at 7,832.45 points, after plunging as much as 7% to an intra-day low of 7,675.64 in early afternoon trade.
In comparison, the benchmark Sensex was trading nearly 3% down at 15,307.64 points, after hitting an intra-day low of 15,159.68.
All the 11 stocks on the index were deep in the red with sector bellwether DLF trading with the biggest fall of 6.5% or Rs 40.80 a share at Rs 592. The stock had plunged to a low of Rs 578 earlier in the day.
Ever since the Realty index was launched on 11 July, it has been clocking the highest turnover among all sectoral indices with a daily turnover of more than Rs 500 crore. The realty stocks have been accounting for more than 10% of the total BSE turnover over the past couple of weeks.
Besides, DLF, which made its debut on the bourses on 5 July, has consistently figured in the top five stocks in terms of daily turnover. Shares worth more than Rs 133 crore had changed hands on the BSE alone by the mid-day.
Akruti Nirman, Ananth Raj Industries, Ansal Infra, Indiabulls Real Estate, Mahindra Gesco, Parsvnath, Penland Ind, Phoenix Mills, Sobha Developers and Unitech were also trading deep in the red with losses up to 6%.