Indian Developers Slump on Bankruptcy and Tax Woes

Housing Development & Infrastructure Ltd. fell to a record and Oberoi Realty Ltd. dropped as authorities intensify their clean up of India’s struggling property sector, Bloomberg News reported. Bankruptcy proceedings will begin against HDIL after creditor Bank of India filed an application, the developer said in a filing Tuesday, adding that it will appeal the decision. Separately, India’s tax office is investigating Oberoi Realty on allegations of improper transactions and officials raided 30 locations related to the group, according to people with knowledge of the matter, who asked not to be identified as the information isn’t public. The share slump highlights India’s intensifying demand slowdown. Read more