Overnight hike in lending rates took its toll on real-estate segment stocks on Friday, with most of them led by Unitech ending down and remaining frozen in the five per cent lower level price band on concerns that costlier loans would impact real estate sales.
Shares of Unitech, which remained an attractive story for the market for more than two-months having risen from Rs 428 on June 21, last year to Rs 14,798.55 on June 2, this year, fell to Rs 10,365.05 on Friday.
Ansal Properties and Infrastructure, a real-estate company, declined five per cent to Rs 467.75 on all round selling by funds and retail customers.
Peninsula Land Ltd, another property developer, dropped to freeze at five per cent lower level band set by the exchange authorities at Rs 394.75.
Marketmen said the Reserve Bank hiking overnight rates by a quarter percent on Thursday, raised concerns that consumers would be deterred from taking bigger loans to buy new homes, reversing a trend that helped boost property prices in the past two years.
Ansal Buildwell was down by Rs 9.75, or 10 per cent at Rs 185.35 and Ansal Housing by Rs 10.35, or five per cent at Rs 197.55.
But the market benchmark Sensex on Friday rebound to close 514 points higher in tandem with overnight surge in US stocks, a recovery across Asian markets and a slump in fuel prices.
However, well diversified companies also in construction busines like Bombay Dyeing and Pantloon, were higher for their other business entity.
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