Market

Nifty Realty index down 3% dragged by Indiabulls Real Estate, Phoenix Mills, Sunteck Realty

Updated : July 31, 2019 11:55 AM IST

Shares of Indiabulls Real Estate slumped 11 percent on Wednesday due to the twin effect of Nifty Realty index downfall and Subramaniam Swamy’s letter accusing the Indiabulls Group of embezzling money.

On Wednesday, Nifty Realty remained the worst-performing index trading lower by 2.91 percent. The stock most hit in the index was Indiabulls Real Estate followed by Phoenix, Sunteck Realty and DLF.

Another reason behind investors beating this stock is allegations slapped by BJP leader Subramaniam Swamy on July 29.

Nifty Realty index down 3% dragged by Indiabulls Real Estate, Phoenix Mills, Sunteck Realty

The Nifty Realty fell nearly 2 percent on Wednesday dragged mainly by Indiabulls Real Estate, Phoenix Mills and Sunteck Realty. The Nifty Realty was among the worst-performing indices on the NSE today, trading lower by 2.91 percent.

Shares of Indiabulls Real Estate fell as much as 11 percent to Rs 79.10, intraday. Phoenix Mills shares declined over 5 percent, while Sunteck Realty's stock price was down by 4.6 percent, intraday.

Sobha, Brigade Enterprises and DLF also declined between 2 percent to 3 percent. Godrej Properties and Prestige fell around 1 percent.

However, shares of Oberoi Realty and Mahindra Lifespace on the index traded in green and were up between 0.5 percent and 1.5 percent.

At 11.50 AM, the Nifty 50 was trading 19.95 points, or 0.18 percent, lower at 11,065.45.

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