Shares of Prestige Estates Projects, an Indian real estate company, plunged 8.41% in pre-market trading on Friday. The stock, traded on the National Stock Exchange of India (NSE:PRESTIGE) and the Bombay Stock Exchange (BOM:533274), saw heavy selling pressure ahead of the market open.
The pre-market selloff appears to be in response to a regulatory filing by the company on Thursday. Prestige Estates Projects extended a corporate guarantee to secure a loan facility of up to 6 billion Indian rupees (approximately $72 million) being availed by its subsidiary, Dollars Hotel and Resorts. This corporate guarantee represents a contingent liability for the parent company.
Investors may be concerned about the potential financial risk associated with the subsidiary's new debt and the parent company's guarantee. The sell-off could reflect fears that Prestige Estates Projects may be on the hook for the loan if the subsidiary struggles to repay it, which could impact the company's financial health and future growth prospects.
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