Mumbai: The interest-sensitive realty stocks fell by nearly 24% in early trade today on the Bombay Stock Exchange (BSE) on capital outflows by foreign funds.
BSE realty sector index suffered the most with a fall of 467.52 points or almost 24% at 1,497.68 points after all the 14 constituents of the sector index moved down up to by 20%.
Brokers said market’s sentiments turned extremely depressed after Satyam Computer Services admitted that its earnings had been inflated over the past few years, triggering all-round selling, spread over a broad front.
They said that the fears that inflows from foreign funds could be adversely affected in view of major financial wrong-doings by Satyam Computer, influenced the market sentiments.
“Panic funds as well as retail investors were indulged in nervous selling, pulling the Sensex down, even decline in inflation failed to prop up stock prices,” said Deepak Pahwa, a Delhi-based stock brokerage.
Shares of the country’s largest realty firm, DLF Ltd, plunged by Rs43.60 or 18.58% at Rs191 after dipping to Rs145 at the outset. Over 81.73 lakh shares were transacted at noon on the BSE.
Unitech, the second biggest realty firm, also fell sharply by Rs3.80 or 10.44% at Rs32.60 after crashing to Rs30. Nearly 1.51 crore shares changed hands on the bourse.
Other weak counters in this segment were Akruti city, which fell by Rs28.50 or 4.56% to Rs596.05, Ansal Infra by Rs2.50 or 8.62% at Rs26.50, HDIL by Rs12.80 or 11.62% at Rs97.40.
Besides, shares of Indiabull Real estate fell by Rs8.30, or 7.08% at Rs108.90, Sobha Developers by Rs8.45, or 8.67% at Rs89 Parsvnath by Rs2.40, or 5.59% at Rs40.50 and Orbitco by Rs6.15, or 10.86% at Rs52.90.