Indiabulls Housing Finance declines after Macquarie cuts price target by 29%

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Macquarie cut its target price for Indiabulls Housing Finance to Rs 836 from Rs 1,170 apiece.

Indiabulls Housing Finance shares fell a percent intraday on Wednesday after global research house Macquarie slashed its price target on the stock by 29 percent.

Non-banking finance companies (NBFCs) have funded 85 percent of incremental real estate book in last 5 years.

The research house said the funding situation has been normalised a bit for NBFCs but still remained tight.

Macquarie cut its target price to Rs 836 from Rs 1,170 apiece.

At 13:00 hours IST, the stock was quoting at Rs 658.45, down Rs 1.05, or 0.16 percent on the BSE.

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