Shares of real estate companies are under pressure with many of them trading lower by more than 5% on the National Stock Exchange (NSE).
The NSE CNX Realty, the real estate sector index, is the largest loser among sectoral indices is down 4% compared to 0.54% fall in benchmark CNX Nifty at 1248 hours.
Housing Development and Infrastructure Limited (HDIL), Unitech, Purvankara Projects, Peninsula Land, IVRCL, Jaiprakash Associates and DB Realty are trading lower in the range of 5-20%.
HDIL has tanked almost 20% to Rs 48.70, also its record low on NSE after local credit agency Credit Analysis and Research Ltd (CARE) downgraded the real estate developer's debt, citing "delays in servicing" obligations.
CARE downgraded HDIL's non-convertible debentures (NCDs) and short-term non-convertible debentures, worth a combined Rs 2,095 crore, to "CARE D", according to a report dated Wednesday. D rating means instruments which are in default or going to default soon.
Meanwhile, the Mumbai-based real property developer said that it has not accepted the said rating assigned by CARE and would like to reiterate the Company’s strong financial and operational performance and sound fundamentals and the Company has submitted to CARE to review / restore the rating.
Among the other individual stocks, Unitech has dipped 8% to Rs 24.60, followed by Purvankara Projects and Peninsula Land is down by 7% each at Rs 81.50 and Rs 41.75 respectively.
The NSE CNX Realty, the real estate sector index, is the largest loser among sectoral indices is down 4% compared to 0.54% fall in benchmark CNX Nifty at 1248 hours.
Housing Development and Infrastructure Limited (HDIL), Unitech, Purvankara Projects, Peninsula Land, IVRCL, Jaiprakash Associates and DB Realty are trading lower in the range of 5-20%.
HDIL has tanked almost 20% to Rs 48.70, also its record low on NSE after local credit agency Credit Analysis and Research Ltd (CARE) downgraded the real estate developer's debt, citing "delays in servicing" obligations.
CARE downgraded HDIL's non-convertible debentures (NCDs) and short-term non-convertible debentures, worth a combined Rs 2,095 crore, to "CARE D", according to a report dated Wednesday. D rating means instruments which are in default or going to default soon.
Meanwhile, the Mumbai-based real property developer said that it has not accepted the said rating assigned by CARE and would like to reiterate the Company’s strong financial and operational performance and sound fundamentals and the Company has submitted to CARE to review / restore the rating.
Among the other individual stocks, Unitech has dipped 8% to Rs 24.60, followed by Purvankara Projects and Peninsula Land is down by 7% each at Rs 81.50 and Rs 41.75 respectively.