Indiabulls Real Estate Shares Slip 10% On Getting Order To Vacate Nashik SEZ Plot
The company said that it believes this order to be unlawful and is evaluating legal options to defend itself.
Shares of Indiabulls Real Estate Ltd. tumbled over 10% on Wednesday after it was ordered to vacate land in Nashik admeasuring over 500 hectares by the Maharashtra Industrial Development Corp.
The order had directed the company and its subsidiary Indiabulls Industrial Infrastructure Ltd. to vacate the land area admeasuring 512 hectors in processing zone of SEZ at Sinnar, Nashik district, Maharashtra, within one month of receipt of order, according to an exchange filing.
The company, on its part, believes the order to be 'unlawful' and is evaluating legal options to defend itself/seek redressal, including filing of an appeal before appropriate authorities or court(s), it said.
Shares of the company fell as much as 10% to Rs 106.05 apiece, the lowest level since Feb. 6 at 10:46 am. This compares to a 0.6% decline in the NSE Nifty 50 Index.
The stock has risen 120.25% in the last twelve months. Total traded volume so far in the day stood at 0.55 times its 30-day average. The relative strength index was at 42.24.