Nifty Realty index down 5%; HDIL tanks 23% intra-day

Shares of real estate companies were under pressure with Nifty Realty index down by nearly 5% on the National Stock Exchange (NSE) in late noon deals. Housing Development and Infrastructure Limited (HDIL), Indiabulls Real Estate, DLF and Unitech from Nifty Realty index were down more than 5% each.

At 03:03 pm; the Nifty Realty index was down 4.8% as compared to 0.77% decline in Nifty 50 index.

HDIL has tanked 23% to Rs 53.40, extending its 17% fall in past two trading sessions, after the real estate developer on Thursday, August 3, said that the National Company Law Tribunal (NCLT) has admitted Union Bank of India’s plea against subsidiary.

“The National Company Law Tribunal has admitted an application from Union Bank of India for its wholly-owned subsidiary Guruashish Constructions Private Ltd under the Insolvency and Bankruptcy Code,” HDIL said in BSE filing.

NCLT had appointed insolvency resolution professionals to carry out the functions, it added.

The company will file a reply and take appropriate measures, as and where required in the proceedings with the Tribunal and the Appellate Authorities, HDIL said.

COMPANY	LATEST	PREV CLOSE	LOSS(%)
H D I L	57.50	69.35	-17.09
UNITECH	8.15	8.85	-7.91
DLF	179.00	191.45	-6.50
ANANT RAJ	57.00	60.85	-6.33
D B REALTY	38.30	40.85	-6.24
ANSAL PROPERTIES	24.85	26.45	-6.05
SWAN ENERGY	125.50	131.35	-4.45
DELTA CORP	167.80	175.55	-4.41
PURAVANKARA	73.60	76.80	-4.17
INDBULL.REALEST.	255.15	265.90	-4.04
PROZONE INTU	40.00	41.40	-3.38
AHLUWALIA CONTR.	274.25	283.70	-3.33
OBEROI REALTY	377.05	389.25	-3.13