Indiabulls Real Estate shares slump 7 percent

Bangalore: After having a low trading throughout the day, Indiabulls Real Estate ended the day among top losers with a loss of 10.70 (6.68 percent). Opening the stock at low note, the company could not attract investors and ended the trading at 149.50. In all 2,131,444 shares were traded throughout the day with current P/E ratio of 467.19. The 52 week stock price chart is on the left.

Indiabulls Real Estate (IREL) is an India-based real estate company. The company's business is spread over Real Estate, Infrastructure, Financial Services, Securities, Retail, Multiplex and Power sectors. The company's development projects are spread across residential projects, commercial offices, hotels, malls, and Special Economic Zones (SEZs) infrastructure development. Indiabulls Financial Services is an integrated financial services powerhouse providing Consumer Finance, Housing Finance, Commercial Loans, Life Insurance, Asset Management and Advisory services. In December 2007, Indiabulls Wholesale Services, the Company's retail arm, acquired a 63.92 percent interest in Piramyd Retail Limited. As of January 9, 2008, Wholesale Services and Indiabulls Real Estate had acquired 63.92 percent interest in Piramyd Retail. In May 2008, the company completed the acquisition of Dev Property Development. With 1,540,038 units of shares SBI Magnum Contra Fund holds the largest number of shares in Indiabulls Real Estate.

Other real estate companies ended the day on mixed note with Parsvnath Developers and Matra Realty slipping 2.71 and 1.79 percent, respectively, and Marathon Nextgen Realty and Ansal Housing & Constructions gaining 3.16 and 0.90 percent, respectively.

Out of 20 stock analysts following the company, consensus recommendation is buy, while six recommend outperform and one asked investors to hold the stock.