DLF, one of India’s largest real estate developers, drops by over 5% to trade at Rs396.95 after touching an intraday high of Rs409 and low of Rs391 at the Bombay Stock Exchange on Tuesday at 2.57PM. The total shares traded are 2734044. The scrip has touched 52 week high of Rs1225 and low of Rs391.
DLF is slowing down its project execution, especially in the tier II cities due to shrinking demand and expensive borrowing and for this it is retrenching employees across all its centres and subsidiaries.
The global credit crisis and double-digit domestic inflation have put the brakes on the unprecedented realty growth in India and for this the Indian firms are now looking for other ways to deal with it. Most realty firms are facing the cash shortage today, as much as they earned during the good times were deployed in land acquisition.
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