Mkt crash erases Rs 15,000 cr from realty
Realty stocks led by DLF fall like a pack of cards on the bourses surpassing even the Sensex in the journey down.business Updated: Jul 27, 2007 15:54 IST
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 on Friday - 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 Thursday.
The newly launched index was trading over five per cent down at 7,832.45 points, after plunging as much as seven per cent to an intra-day low of 7,675.64 in early afternoon trade.
In comparison, the benchmark Sensex was trading nearly three per cent 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 per cent 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 July 11, 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 per cent of the total BSE turnover over the past couple of weeks.
Besides, DLF, which made its debut on the bourses on July 5, 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 six per cent.