Shares of DLF plunged 5.01 per cent, Sunteck Realty 4.43 per cent, Housing Development and Infrastructure 4.05 per cent and Indiabulls Real Estate 3.08 per cent.
The adoption of new accounting standard IndAS has dented the net-worth of nine major listed real estate firms by 18 per cent and revenues by 23.6 per cent sequentially in June quarter, according to a report.
Shares of Godrej Properties today fell by 2.5 per cent after the company reported 65.41 per cent decline in consolidated net profit for the quarter ended June 30.
Godrej Properties reported a 65.41 per cent decline in consolidated net profit to Rs 34.3 crore for the quarter ended June 30, 2018.
Realty firm Godrej Properties today said it has raised Rs 1,000 crore through issue of preferential shares to a GIC-managed investment firm.
According to an investors presentation, the net debt of Godrej Prop has come down to Rs 2,846 crore as on Mar 31, 2018 from Rs 3,499 at the start of the last fiscal.
Shares of Godrej Properties rose over 3 per cent after the realty firm reported over two-fold jump in consolidated net profit for the March quarter, 2017-18.
Godrej Properties will raise Rs 1,000 crore through preferential issue of shares to Singapore-based GIC-managed investment company, Godrej said.
Godrej Properties reported over two-fold jump in its consolidated net profit at Rs 141.51 crore for the January-March quarter of last fiscal on higher sales.
Following the key reforms of demonetisation, RERA and GST, coupled with enabling policy initiatives, the real estate sector is looking at new business models.