Sobha Shares Tumble After Cybersecurity Breach
The stock fell as much as 7.78% during the day to Rs 1,597 apiece on the NSE.
Shares of Sobha Ltd. fell nearly 8% on Monday after the real-estate company's IT infrastructure was the target of a ransomware attack.
The management responded swiftly to the breach. Immediate precautions were implemented to mitigate the impact, and the technical team has since taken all necessary measures to retrieve and restore the affected systems, according to an exchange filing.
Sobha has reported no material impact on its operations. The company's technical team has taken all necessary precautions to retrieve and restore the systems, it said.
Sobha's stock fell as much as 7.78% during the day to Rs 1,597 apiece on the NSE. It was trading 5.7% lower at Rs 1,632.8 per share, compared to a 2.7% decline in the benchmark Nifty as of 1:36 p.m.
The share price has risen 178% in the last 12 months and 70% on a year-to-date basis. The total traded volume so far in the day stood at 1.3 times its 30-day average. The relative strength index was at 31.
Nine out of the 15 analysts tracking the company have a 'buy' rating on the stock, two recommend 'hold' and four suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 20%.
