Shares of realty estate companies were under severe selling pressure on February 14, weighing down Nifty Realty by nearly 2 percent, at 12.26 pm.
Phoenix Mills was the top loser on the index, falling 3.3 percent to hover near 52-week low. The shares of Raymond and Godrej Properties followed suit, falling over 3 percent each. Raymond shares were hovering near Rs 1,373 apiece. Godrej Properties shares were trading at Rs 1,962 apiece, close to their 52-week low, having fallen over 32 percent in the past 6 months.
Oberoi Realty, Mahindra Lifespace Developers and Sobha too saw a sharp declines of over 2 percent, while Prestige Estates and heavyweight DLF shares fell over a percent each. The fall in DLF's share also contributed to the Nifty Realty's decline because of its weightage.
Brigade Enterprises and Lodha (Macrotech Developers) were trading in the red with minor losses.
Also read: Our LIVE blog on stock market updates
The fall in real estate shares was accompanied by an widespread selloff, with Sensex down over 500 points at 75,603, and Nifty at 22,836, following a nearly 196-point cut, with all the sectoral indices in red.
The selloff comes after US President Trump's plan to pursue reciprocal tariffs with countries that run a trade deficit with US, and a persistent foreign outflow. Third quarter earnings too have added to the weakness in market sentiment.
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