Godrej Properties, which had closed at Rs.1602.20, today opened at Rs.1605 and went on to hit a new high at Rs.1675; profit booking at this level has pushed the stock now to Rs.1657 levels.

This new high is despite the news that National Green Tribunal on Friday quashed the environmental clearance (EC) granted to its high-rise luxury project in Bengaluru and directed its immediate demolition.

The green panel also imposed a penalty of Rs 31 crore on the project proponent and said the amount shall be used for demolition of the constructions, restoration of the area to the original position, rejuvenation and reforestation of the Kaikondarahalli lake and its surrounding area.

This is the second time NGT has quashed the EC.

Godrej is challenging this order and said that the NGT order has not taken into consideration the complete assertions and argument.

The market has ignored this news completely and has instead focused on the Q1FY22 earnings expected to be reported tomorrow.