$BRIGADE

Brigade Enterprises Ltd shares fell more than 2 percent in afternoon trading on June 18 after the Tamil Nadu Environment Authority revoked the environmental clearance granted for the company's Morgan Heights project in Chennai. The stock was trading 2.42 percent lower at around 1:53 pm. Earlier in the session, it had declined 1.06 percent to ₹559.85 compared to the previous day's closing price. The setback is linked to Brigade's Morgan Heights development in Chennai, a project spanning nearly 2 million square feet. The company had previously estimated the project's gross development value (GDV) at approximately ₹2,100 crore. The decline follows a volatile trading session on June 17, when Brigade Enterprises' shares turned ex-bonus for its 1:3 bonus issue. The stock had dropped more than 20 percent on an unadjusted basis after the ex-bonus date. However, when adjusted for the bonus issue, the stock was actually trading over 6 percent higher during Wednesday's session, reflecting underlying positive investor sentiment despite the sharp fall in the quoted share price.