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While Indian stock markets continued their strong upward momentum for the sixth consecutive session on Monday, shares of Ajmera Realty & Infra India Limited declined 2.8 per cent as weak Q3 results continued to dampen investors' sentiment. 

The stock closed at Rs 932.05 apiece, down Rs 26.70, after opening at Rs 963.05 on the National Stock Exchange (NSE).

During the session, it touched an intra-day high of Rs 984.25 and a low of Rs 931.05.

The drop in Ajmera Realty’s stock price came despite a broader market rally, with the Sensex surging 1,078.87 points or 1.40 per cent to close at 77,984.38 and the Nifty rising 307.95 points or 1.32 per cent to end at 23,658.35.

Investor confidence in Ajmera Realty remained weak, as the company’s financial performance for Q3 FY25 fell short of expectations, according to market watchers.

The company’s net profit declined to Rs 33.89 crore in Q3 from Rs 35.35 crore in Q2 FY25. Revenue from operations also dropped by 3.54 per cent to Rs 192.88 crore from Rs 199.96 crore in the previous quarter -- a 6.67 per cent decline from Rs 206.67 crore in Q3 FY24.

The company’s total income fell by 2.46 per cent to Rs 199.09 crore quarter-on-quarter (QoQ) and was down 4.55 per cent compared to Rs 208.59 crore in Q3 FY24.

Ajmera Realty shares remain significantly below their 52-week high of Rs 1,224.90, though they are still above the 52-week low of Rs 555.65.

In Q2 FY25, the company had reported a 57 per cent jump in consolidated net profit at Rs 35.35 crore, compared to Rs 22.53 crore in the same quarter last year.

However, the latest quarterly performance has raised concerns among investors, leading to the recent decline in share price despite the ongoing stock market boom.

Both the domestic equity exchanges are maintaining their strong upward momentum, driven by optimism over a potential rate cut by the Reserve Bank of India (RBI), robust buying from both domestic and foreign investors, and a positive economic outlook from global analysts.