Multibagger Godrej Properties slides nearly 4% after defence ministry raises objection about its Mumbai project
Central Ordinance Depot has asked the Godrej company to suspend the project as it is 500 meters away from the defence office. The estimated income for the company from this project is Rs 7,000 crore.
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Godrej Properties Share Price: Godrej Properties slipped by over 3.80 per cent on BSE on Friday (May 24, 2024) after defence ministry raised objection against the large-cap real estate company's ongoing residential project in Kandivali, Mumbai.
The stock that closed trading at Rs 2,812.95 a day ago slipped by 3.85 per cent to Friday's low of Rs 2,704.50 after starting session at Rs 2,756.60.
Godrej Properties shares were trading lower by 2.02 per cent, or Rs 56.90, at Rs 2,756.05 each at 12:06 pm on Friday.
What is defence ministry's objection?
Central Ordinance Depot has asked the Godrej company to suspend the project as it is 500 meters away from its office in Mumbai.
The estimated income for the company from this project is Rs 7,000 crore.
Godrej Properties Share Performance
Friday's performance notwithstanding, the stock has been a consistent performer in the recent past with over 105 per cent returns in the one-year period.
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