The domestic bourses, influenced by global markets, saw realty stocks dip by 3.70% on Wednesday as bearish sentiments took hold of the market.
The realty index started the day at 2,720.59 points and quickly reached an intra-day low of 2,701 points within the first few minutes of trading. By late morning, it was hovering at 2,716.17 points, down 3.16%. Indiabulls Real Estate led the decline, plummeting by over 11%, while shares of all major realty firms dropped between 3% and 11% in the early trading session on the BSE.
Indiabulls Real Estate hit an intra-day low of Rs 108.70, marking an 11.63% decrease. Market experts attributed the decline to weak sentiments affecting all sectors, including real estate.
DLF, the country's largest realty firm, whose share buyback is set to commence from October 17, saw its shares dip by 3.09% to an intra-day low of Rs 301 on Wednesday. Later in the day, the stock was trading at Rs 306.20, down 1.42%. Over 1.38 lakh shares were traded in the market during this period.