Oberoi Realty top loser
Oberoi Realty is amongst the big losers of the day. The stock is currently down almost 5% at Rs.188.05, its current intra day low. Its 52-week low is at Rs.154.
The stock is down in the red, reacting to the news reports which came in yesterday, stating that realty firms continue remain in the woods, with most reporting a fall in sales in the gone by Q2. Oberoi Realty showed one of the sharpest drops, with its sales falling 69% in the second quarter. Many builders had offered discounts for Diwali bookings and sales did improve a bit in October but if the same trend continues, developers/builders could be caught in a tight spot. Demand though could go up only if prices come down further. The high interest rates are a further deterrent and on 18th Dec, it is only expected to go up further.