The shares of Brigade Enterprises Ltd. fell over 2% after the Tamil Nadu State Environment Impact Assessment Authority (SEIAA) revoked the environmental clearance granted to the company for its proposed residential project in the Pallikaranai marshland Ramsar site.
The decision was finalised during the 1,005th State Environment Impact Assessment Authority meeting. According to the minutes of the meeting, the Principal Chief Conservator of Forests and Member Secretary of the Tamil Nadu State Wetland Authority formally notified the SEIAA that the project proponent, Brigade Enterprises Ltd, had commenced construction activities without obtaining prior permission from the Wetland Authority.
This failure to obtain prior permission was deemed a direct violation of "condition no: 09 under Part-D-Specific condition" of the EC, which was originally issued on January 20, 2025. The Wetland Authority flagged the violation in a letter dated April 16, 2026, requesting immediate appropriate action.
The letter warned that non-compliance could result in the withdrawal of the clearance under the provisions of the Environment (Protection) Act, 1986. After considering the Wetland Authority's request and relevant documents, the SEIAA resolved to revoke the EC issued for the Brigade Enterprises project situated at S F no: 453, 495/2C, 496, 497 & 498 in Perumbakkam Village, Tambaram Taluk.
Brigade Enterprises Ltd. Share Price Today
Brigade Enterprises Ltd. Share Price Today
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The scrip fell as much as 2.77 to Rs 555 apiece on Thursday at 2.28 p.m. This compares to a 0.01% rise in the NSE Nifty 50 Index.
It has fallen 52.32% in the last 12 months and 37.11% year-to-date. Total traded volume so far in the day stood at 0.56 times its 30-day average. The relative strength index was at 27.05.
Out of 17 analysts tracking the company, 16 maintain a 'buy' rating and one maintain a "sell" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 751.95 implies an upside of 35.1%
ALSO READ: Brigade Enterprises' Next Big Growth Trigger May Not Be Housing: MD Pavitra Shankar Outlines Focus
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