Indiabulls Real Estate shares tank 10% on 'unlawful' order.

Indiabulls Real Estate shares fell 10.48 per cent to hit a low of Rs 105.45. Despite this, the stock is up 21.62 per cent in 2024 so far. Shares of Indiabulls Real Estate Ltd took a beating, falling over 10 per cent in Wednesday's trade after Maharashtra Industrial Development Corporation (MIDC) issued a vacation order, directing an Indiabulls arm to vacate the land area admeasuring 5,12,068 hectors in processing zone of such SEZ at Sinnar, Nashik district, Maharashtra, within one month of receipt of order. Calling the order 'unlawful', Indiabulls Real Estate said it is evaluating legal options to defend itself/seek redressal against the said order, including filing of an appeal before appropriate authorities or court. It said the realtor would take all desirable actions in the matter. Indiabulls Real Estate shares fell 10.48 per cent to hit a low of Rs 105.45. Despite this, the stock is up 21.62 per cent in 2024 so far.