Macrotech Developers share tanks 13% on debut
Macrotech Developers has a pretty high number of unsold inventories which is a major concern that investors are worried about.
The sharesof Macrotech Developers (Lodha Group) market their debut on the Indian boursestoday. On the very first day of trading, the shares tanked 13.3 per cent due toweaker conditions of the market and real estate sector’s gloomy outlook.
The stockopened 9.7 per cent lower on BSE at Rs 439 and demonstrated correction up to421.15 levels. A total of 1.66 lakh equity shares were traded. On the otherhand, the stock was down by 4 per cent on the NSE at Rs 466.80. A total of49.51 lakh equity shares were traded.
It must benoted that Macrotech Developers popularly known as Lodha developers is amongstthe largest real estate players in India. The company plans to utilize theraise capitals for paying off debts and acquiring land and land developmentrights.
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