Sobha nears 3-year low after ICRA revises outlook from stable to negative

In the past one month, Sobha has underperformed the market by falling 27 per cent, as compared to 1 per cent decline in the S&P BSE Sensex.

Shares of real estate developer Sobha slipped 6 per cent to Rs 319, near a three-year low on the BSE on Monday, after the rating agency ICRA reaffirmed long-term rating and revised outlook from stable to negative.

The revision in outlook on account of the decline in net cash flows from operations from the real estate and contracting divisions of the company during 9MFY2020 (April-December).

The stock was trading lower for the fifth straight day. In the past one month, Sobha has underperformed the market by falling 27 per cent, as compared to 1 per cent decline in