Meanwhile, the S&P BSE Sensex was down 230.37 points or 0.9% at 25,358.64.

On BSE, so far 1,577 shares were traded in the counter as against average daily volume of 36,000 shares in the past two weeks.

The stock hit a high of Rs 93.95 and a low of Rs 93.35 so far during the day.

Shares of Puravankara Projects have tumbled 11.46% in two trading sessions from Rs 106 on 6 August 2014, after the company during market hours on Thursday, 7 August 2014, reported poor Q1 June 2014 results. The stock had tumbled 8.67% to settle at Rs 96.80 on Thursday, 7 August 2014.

Puravankara Projects' consolidated net profit declined 14.55% to Rs 58.25 crore on 25.11% growth in total income from operations to Rs 461.62 crore in Q1 June 2014 over Q1 June 2013.

Area sold rose 6.06% to 0.70 million square feet (msf) in Q1 June 2014 over Q1 June 2013. Sales value rose 36.18% to Rs 350 crore in Q1 June 2014 over Q1 June 2013.

Puravankara Projects said that 22% of the sales for the quarter were contributed by ready-to-move-in inventory and the balance from ongoing projects and new launches.

Puravankara sales realization for ongoing projects rose 17% to Rs 5,402 per square feet (psft) in Q1 June 2014 over Q1 June 2013. Provident sales realization rose 10% to Rs 3,715 psft in Q1 June 2014 over Q1 June 2013.

Puravankara Projects' launch pipeline for the year stands at 18.41 msf under both Puravankara and Provident, the company said in a statement.

Puravankara Projects is one of the leading real estate companies in India, with significant presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, and overseas in the United Arab Emirates, Kingdom of Saudi Arabia and Sri Lanka.