The shares of real estate developer Sobha Limited declined 4.69% to Rs 291.15 per scrip intraday on the BSE on Friday.

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The company's shares tumbled after its consolidated net profit in the fourth quarter (Q4) ended March 31 declined 41.30% to Rs 36.1 crore as against Rs 61.5 crore in the same period last year, Sobha said in a filing to the BSE on Thursday. 

On the National Stock Exchange (NSE), the company's stock was down 4.58% to Rs 291.50 intraday.

Commenting on the financial results, Sobha's Vice Chairman and Manging Director J C Sharma said, "At a broader level, fiscal 2016 was a year of positive developments for the real estate sector primarily on the economic and policy front such as liberalisation of foreign investment norms, tax incentives, the declining trend in interest rates etc." 

While these factors combined will lead to a demand recovery in the long run, the financial year 2015-16 continued to witness a downturn, especially in the residential segment, Sharma added. 

At 10:00 hours, the shares of Sobha recovered slightly from its morning level but were still trading down 2.26% or Rs 6.90 at Rs 298.60 per scrip on the BSE.