Dubai debt crisis hits realty stocks; DLF declines 1 pc

Realty stocks recovered from the sharp losses, but still ended in the red with the sectoral index losing 0.55 per cent, after majority of the players said that they are insulated from the financial crisis in Dubai which rattled the world markets.

Realty stocks on Friday recovered from the sharp losses, but still ended in the red with the sectoral index losing 0.55 per cent, after majority of the players said that they are insulated from the financial crisis in Dubai which rattled the world markets.

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DLF, the nation's largest realty company, closed lower by 1.03 per cent at Rs 350.60 on the Bombay Stock Exchange. It
had plunged by 5.43 per cent to Rs 335 in early trade.

The second major realty player, Unitech recovered smartly to close up 2.52 per cent at Rs 79.25. The scrip had dipped
6.53 per cent to touch a low of Rs 72.25.

The BSE Realty Index fell by 22.12 points, or 0.55 per cent, to 3,614.10 points. The index had touched an intra-day low of 3,378.38 points, down 7 per cent from last close. Of the total 14 index scrips, 12 closed with losses.

Mahindra Lifespace declined by 3.61 per cent to Rs 324 on BSE. Orbit Corporation plunged by 7.09 per cent to Rs 285.85,
whereas HDIL settled the day at Rs 308.90, down 2.75 per cent.

However later, market recovered after a majority of big realty firms said they are insulated from the financial crisis
in Dubai and it will not have any impact in the country's property market.