CNBC-TV18’s Executive Editor, Udayan Mukherjee - I doubt if Unitech would do a successful QIP issue now. Real estate stocks have corrected significantly from their peaks, so any QIP or money raising plan will have to be done at these kinds of prices. For example, DLF was at Rs 1200 and it’s now trading at Rs 670 or Rs 680. That’s a 45% fall in the country’s largest real estate stock and prices will now be benchmarked to what kind of ruling prices you have in this point in time.

The bigger take away is that it’s getting difficult to raise money for a lot of sectors now. The market in its wisdom is probably taking a re-look at sectors which need cash to grow and to deliver the earnings which analysts have pencilled in over the next 2-3 years. Real estate should certainly top that list, amongst sectors which need doses of capitals to grow and to deliver the earnings which have been projected. I am not surprised that real estate has corrected so much because money is drying up in the system and deals are not happening.

Real estate, infrastructure, construction, power, brokerages, these are all sectors which need large dollops of capital to grow. If we just go back and see what’s happened in the last one month, the markets have been exceptionally brutal on these sectors which need capital to grow and this is a case in point. What exactly the market is fearing that money raising is no longer easy and if it happens, it happens with much bigger dilution than they originally might have raised capital at.