The stock which opened Rs 64.50 on Tuesday, touched an intra-day high of Rs 64.85 in the early morning trade, before closing at Rs 60.80. BSE Realty Index shed 3.63% gains today.
"There is a buzz that the government is mulling cancellation of contract of MIAL (Mumbai International Airport Limited) Project which has partly triggered the fall," said an analyst from Mumbai-based brokerage.
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When contacted Hari Pande, vice president, finance, HDIL said: "It is not true. I am not aware of the development,." Sanjay Reddy, group chairman, GVK group, refused to comment on the issue at a event on aviation in the city on Monday. GVK runs the MIAL.
"Already analysts are not valuing this project as it is stuck for the last 3-4 years," the analyst said.