India's Oberoi Realty falls after Q3 profit slump

Oberoi Realty

23/01/2024 06:50

** Shares of India's Oberoi Realty  OEBO.NS  down as much as
8.84% at 1,371.20 rupees, logs sharpest intraday pct drop since
Feb. 24, 2022 
    ** Q3 consol net profit nearly halved y/y, rev from ops
slumped more than 35%, co said 
    ** OEBO among top losers in Nifty Realty index  .NIFTYREAL 
which is down 2.5% 
    ** Weak show in residential business, sales decline in two
Mumbai projects hit co's overall performance - Motilal Oswal 
    ** About 1.6 mln shares changed hands by 12:04 p.m. IST, 
more than twice of 30-day avg 
    ** OEBO trading at 1,385.5 rupees, 14.5% higher than the
average PT set by 20 analysts covering the stock - LSEG data 
    ** Stock down ~4% so far this year, after four straight
annual gains 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))