Mumbai: The realty sector stocks plunged by eight per cent on the Bombay Stock Exchange in early trade today owing to panic selling by funds.
The realty index dipped 7.71% to an intra-day low of 2,469.09 points. It was later quoting at 2,486.80 points, down 7.05% on the BSE.
Shares of Indiabulls Realestate plunged by over 17% and stocks of all major realty firms fell in the range of 4-16% in the morning trade on the BSE.
Indiabulls Realestate touched an intra-day low of Rs95.50, and was trading at Rs96.90, down 15.89%.
Marketmen said that with the crisis of confidence gripping the market, all sectors are bearing the brunt of the bearish trend. Weak sentiments are keeping away investors from making fresh investment in any stock.
Shares of country’s largest realty major DLF, whose share buyback would start tomorrow, today dipped 6.78% to touch an intra-day low of Rs279.80. It was later trading at Rs288, down 4.05%. Over 4.26 lakh shares got traded.
Other major realty stocks that bore the brunt of falling market were Unitech, which dipped 7.06%, Omaxe (4.93%), Parsvnath (7.56%) and Shobha Developers (3.42%).