The Indian Real Estate stocks continued to witness heavy selling from almost all the corners [Retailers & FIIs]. Unlike Jan-22nd crash [unwinding of leveraged positions], this fall is due to massive unloading by INVESTORS in cash market holding stocks. Almost all the stocks have hit 52 week low.
India Realty Stocks which have fallen by 70%:
Ansal Infrastructure – 77%
Ansal Housing – 71%
Omaxe Ltd – 70% IPO Price Rs310
Parsvnath Developers – 70% IPO Price Rs300
India Realty Stocks which have fallen by 60%:
Unitech Ltd – 66%
Kolte Patil Builders – 65% IPO Price Rs145
Orbit Corp – 61%
DLF – 60% IPO Price Rs525
Sobha Developers – 60% IPO Price Rs640
Purvankara Projects – 60% IPO Price Rs400
Data based on June-09-2008, closing prices
Many analysts have started downgrading the NAV of Land Holdings of these companies and hence the selling by Investors.
Indian Real Estate a House of Cards