Shares in India's Unitech Ltd fall as much as 4.8 percent after posting a wider-than-expected 515.5-million-rupee($8.76 million) loss in the January-March quarter.
Unitech shares have more than doubled since the end of February on expectations policy reforms from the new Modi government would lead to a rally in the sector.
"As the stock has ran up sharply, we advice clients to encash existing positions," said an analyst with a domestic brokerage.
Shares in Unitech were down 4.3 percent to 26.70 rupees at 0530 GMT.
($1 = 58.8750 Indian rupees)