Meanwhile, the BSE Sensex was down 205.39 points, or 1.29%, to 15710.26.

On BSE, 3.69 lakh shares were traded in the counter as against an average daily volume of 1.48 lakh shares in the past one quarter.

The stock hit a high of Rs 277.50 and a low of Rs 257 so far during the day. The stock had hit a 52-week high of Rs 319.70 on 19 January 2010 and a 52-week low of Rs 73.40 on 26 February 2009.

The stock had outperformed the market over the past one month till 6 February 2010, gaining 5.57% compared with the Sensex's 10.09% fall. It outperformed the market in past one quarter, rising 29.03% as against 1.50% decline in the Sensex.

The mid-cap real estate developer has an equity capital of Rs 98.06 crore. Face value per share is Rs 10.

The current price of Rs 260.85 discounts the company's Q3 December 2009 annualised EPS of Rs 16.64, by a PE multiple of 15.67.

Post-sale, Menon holds 12.7% stake, the firm said in a disclosure to the National Stock Exchange.

Sobha Developers' net profit surged 444% to Rs 40.80 crore on a 70.1% rise in sales to Rs 307 crore in Q3 December 2009 over Q3 December 2008.

Sobha Developers is engaged in developing and construction properties and projects. The properties include commercial, residential and office properties.

Promoters have pledged 1.07 crore shares, or 10.91% of the equity capital of the company. The total promoter shareholding in the company is 64.67% (end December 2009).