Indiabulls Real Estate nears three-year low; stock tanks 48% in two months

The stock slipped 7% to Rs 58 on Wednesday, and is trading at its lowest level since November 22, 2016 on the BSE.

Shares of Indiabulls Real Estate were trading near three-year low of Rs 58, down 7 per cent on the BSE on Wednesday. This is the lowest level since November 22, 2016. In the last two months, the stock has tanked 48 per cent from a level of Rs 112. In comparison, the benchmark S&P BSE Sensex was down 6 per cent and S&P BSE Realty index slipped 9.5 per cent during the same period.

Last week, Indiabulls Real Estate said it had signed a term sheet agreement with Blackstone Group Inc to offload its entire direct/indirect stake in existing joint