Sanjay Dutt, Director of Quantum Securities feel there is not too much downside in DLF from current level because once the sector bounces back, the leaders will start looking better and DLF will look better.
Dutt told CNBC-TV18, “There is some amount of selling in DLF and more than anything else people were actually looking forward to easing of rates which effects the mortgage business directly and therefore also effects real estate balance sheet. The fact that RBI came out with a statement that has very little room ahead and it wasn’t as dovish as we were expecting it to be.”
“We have just about a 25 bps cut, the first sector to be impacted is real estate and therefore obviously the leader in there. But actually there have been some amount of selling also in the last few weeks mainly on account of end of year consideration. I don’t think there is too much downside from current level because once the sector bounces back, the leaders will start looking better and DLF will look better. It is in a much better position compared to other companies,” Dutt added.