Kite stock slumps to 52-week low

September 17, 2008

Shares in Indianapolis-based Kite Realty Group Trust hit a 52-week low this morning in what is shaping up as another rough day for Indianapolis developers and Wall Street as a whole.

Kite, which owns and develops retail properties, including Glendale Town Center, fell nearly 4 percent this morning to trade at $10.75.

Fellow local developer Duke Realty Corp. was down more than 2 percent, while Simon Property Group fell about 4 percent.

The Dow plunged more than 300 points this morning after the Federal Reserve Bank announced a bailout of insurer American International Group Inc.

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