Realty stocks battered, Unitech down by over 51%

MUMBAI: Real estate sector was the biggest loser in today's stock market plunge, led by country's second largest firm Unitech that witnessed a sharp fall of over 51 per cent.

The realty index witnessed a 24.4 per cent decline, which is more than double the benchmark index Sensex fall of nearly 11 per cent. The index has fallen by 31 per cent in a week, 55.5 per cent in a month and 82 per cent in the past one year.

Real estate companies, which have a presence in the index, saw an erosion of about Rs 20,000 crore in market capitalisation.

Unitech lost 51.3 per cent to settle at Rs 30.1 on the Bombay Stock Exchange, followed by DLF, which lost 24 per cent to close at Rs 203.9 a share.

Ansal Infra, Indiabulls Realty, Omaxe, Parsvnath, Sobha Developers, Peninsula Land, Mahindra Lifespace and Phoenix Mills fell by 10-20 per cent. HDIL scrips fell nine per cent.

The steepest fall in the case of Unitech followed media reports that the firm defaulted on payments to Greater Noida Development Authority for a land deal struck in 2006.

Unitech issued a statement to the Bombay Stock Exchange that the authority has revised payment schedule.

"Unitech is currently not in default and was never in default with regard to the payment to the authority," the statement said.