Realty scrips drop by up to 11%

Real estate stocks witnessed selling massive pressure on Tuesday, falling by up to 11 per cent, after Delhi government hiked the circle rates — the minimum valuation at which properties have to be registered — by up to 20 per cent. Shares of Unitech tumbled 10.77 per cent, while DLF lost 6.51 per cent on the BSE. Among others, shares of Anant Raj fell by 6.77 per cent, D B Realty (5 per cent), Godrej Properties (4.06 per cent) and HDIL (3.18 per cent). Tracking the losses in these stocks, the BSE realty index fell by 4.91 per cent to 1,673.48.