
Shares of Macrotech Developers plummeted over 6% on January 22, following a legal dispute between CEO Abhishek Lodha and his younger brother, Abhinandan Lodha. Abhishek has filed a lawsuit in the Bombay High Court, requesting an injunction to stop Abhinandan from using the “Lodha” brand name.
The case stems from a family settlement agreement signed in 2017, which saw Abhishek continuing in the real estate sector under Macrotech, while Abhinandan was supposed to operate outside of it. However, Abhinandan has allegedly breached the agreement by using the “House of Abhinandan Lodha” brand and engaging in real estate activities in violation of a non-compete clause.
Macrotech’s stock drop comes amid a broader sell-off in real estate stocks, with the BSE Realty index falling more than 4% for the second consecutive session. The case will be heard by a higher bench of the Bombay High Court on January 27, with Macrotech seeking damages exceeding Rs 100 crore.
Lodha Group’s shares opened today at ₹1,147.55, reaching a high of ₹1,148.60 and a low of ₹1,062.25. The stock has seen a 52-week high of ₹1,649.95 and a 52-week low of ₹977.35