Prestige Estates Projects Limited has responded to queries from stock exchanges regarding a news article linking a fall in its share price to a legal order concerning the ‘Turf View’ project. The company stated that the order, issued on August 25, 2026, is routine and has no material impact on its financial position or operations. They emphasized the article incorrectly linked the price movement to the order, as it was already public knowledge and other real estate stocks also saw a decline.
Response to Market Clarification
Prestige Estates Projects Limited has issued a clarification to the National Stock Exchange of India Limited and BSE Limited concerning a news article published on September 4, 2026, by moneycontrol.com, titled “Prestige Estates shares fall 3.5% from day’s high: Here’s why”. The company was sought clarification regarding this article and its potential impact on share price movements.
Details of the Legal Order
The article referenced an Order dated August 25, 2026, passed by the Maharashtra Real Estate Appellate Tribunal. This Order pertains to the ‘Turf View’ project in Mahalaxmi and originated from proceedings initiated by three homebuyers who had booked residential units. Prestige Estates confirmed that such proceedings are routine and part of their ordinary business operations. The company is currently pursuing appropriate legal recourse.
Assessment of Material Impact
Based on the Company’s assessment, the aforesaid decision is not expected to have any material impact on its financial position, operations, or overall performance. Consequently, it was deemed that the decision does not warrant a separate disclosure.
Timeline Discrepancy Highlighted
Prestige Estates pointed out that the news article was published on September 4, 2026, while the Order was issued on August 25, 2026, and had been in the public domain. Furthermore, the Order was also reported in print media on September 1, 2026. The company stated that it is incorrect for the News Article to link the price of its shares directly to this Order. It also noted that the article itself acknowledged a general fall in stock prices across other real estate companies.
Confirmation of No Undisclosed Information
The Company explicitly confirmed that there is no other material information that has not been disclosed to the Exchange which could explain the price movement mentioned in the article. Prestige Estates also reaffirmed its continuous compliance with all disclosure obligations under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and commitment to inform the Exchange of any future developments that may have a material impact.
Source: BSE
