Trade strategist and investor Safir Anand has removed Indiabulls Real Estate from his list of companies worth tracking after the company posted a widened net loss in the third quarter of FY23.
What Happened? Anand took to Twitter on Monday to voice his disappointment in Indiabulls Real Estate, adding that he’s sold his existing shares in the company and reinvested the sum into another company.
The investor who has around two lakh followers on Twitter aired his dismay with Indiabulls Real Estate after the company’s stock fell sharply after recording a consolidated net loss of ₹236.77 crore for the third quarter of this fiscal year on a lower income.
Read Next: Zomato Continues Plunge After Q3 Results, Here’s Why This Analyst Wants You To Buy Now
The company’s net loss stood at ₹87.04 crore in the year-ago period, according to a regulatory filing, while total income also fell to ₹148.47 crore in the third quarter of this fiscal year from ₹355.59 crore in the corresponding period of the previous year.
To add to the negatives, net sales for the company were at ₹133 crore in December 2022, which is a 58.8% drop from ₹322.82 crore in December 2021.
During the April-December period of 2022-23 fiscal, the company’s net loss stood at ₹231.81 crore as against a net loss of ₹76.53 crore in the same period a year ago.
Price Action: Indiabulls Real Estates shares were trading 6.17% lower at ₹60.80 on Monday afternoon.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.