Dubai`s World`s debt concerns drag realty stocks down
Mumbai: Realty stocks crashed on the BSE Friday on fears of a debt crisis in Dubai raised by Middle East`s largest property firm Dubai World asking creditors if it could defer repaying USD 60 billion in loan until may next year.
DLF Ltd, the country`s largest realty developer,plunged by 5.43 per cent to Rs 335, Unitech by 4.98 per cent at Rs 73.45 and Indiabulls Realestate was down 7.78 per cent at Rs 186 at afternoon trade on the Bombay Stock Exchange.
Reflecting the decline in the sector, the BSE Realty Index --comprising 14 stocks -- fell 5.81 per cent and was quoting at 3,423.09 points. All the 14 stocks were trading in
Orbit Corporation plunged 9.82 per cent to Rs 277.45; HDIL was at Rs 293.20, down 7.70 per cent and Mahindra Life was trading at Rs 320.80, lower by 4.57 per cent.
The Dubai factor has impacted investor sentiments across the globe, dragging the key indices in negative zone.
The BSE`s benchmark index --Sensex-- today declined 2.90 per cent was trading at 16,366.23 points.
More from India
More from World
More from Sports
More from Entertaiment
- Mitchell Johnson takes a dig at Anil Kumble over calling Steve O'Keefe 'steady'
- IND vs AUS, 1st Test, Day 3: As it happened...
- WATCH: Kieron Pollard's epic celebration after destroying Lahore Qalandars in Dubai
- BMC poll results: Shiv Sena approaches Congress for pact, party says 'not interested'
- Indian man Srinivas Kuchibhotla shot dead in Kansas bar while watching basketball game - Know what happened