Realty firms with Mumbai exposure hit by duty hike report

Shares in real-estate companies with sizeable exposure to Mumbai fell on Monday after newspaper Times of India reported the state government of Maharashtra was planning to increase stamp duties in the city by as much as 160 times for residential and commercial properties.

"This will impact the investor sentiment and could have an adverse impact on demand for residential property in Mumbai," said a real estate analyst with a Mumbai-based brokerage, adding the commercial property sector could also be impacted.

Housing Development and Infrastructure Ltdwas down 4.5%, while DB Realtydropped 4.8%, and Indiabulls Real Estatelost 3.22%.