Meanwhile, the S&P BSE Sensex was down 241.31 points, or 0.82% to 29,244.14.

On the BSE, 1.10 lakh shares were traded in the counter so far, compared with average daily volumes of 51,411 shares in the past one quarter. The stock had hit a high of Rs 61.75 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 60.10 so far during the day. The stock hit a 52-week low of Rs 37.20 on 22 November 2016.

The stock had outperformed the market over the past one month till 21 March 2017, rising 20.46% compared with 2.87% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 36.42% as against Sensex's 12.36% rise.

The small-cap company has equity capital of Rs 118.57 crore. Face value per share is Rs 5.

Puravankara announced that its board passed an enabling resolution to exit from the investment of Rs 403 crore at Raidurg, Panamaktha Village, which would involve the sale of its entire shares in three wholly-owned subsidiaries of Puravankara. The transaction has been authorized on a condition that total inflow should not be less than a sum of Rs 475 crore.

On a consolidated basis, net profit of Puravankara rose 15.26% to Rs 20.09 crore on 29.08% decline in net sales to Rs 268.86 crore in Q3 December 2016 over Q3 December 2015.

Puravankara is a real estate company. The company has operations in Mumbai, Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore and overseas in Dubai, Colombo and Saudi Arabia.