Most of India's Godrej group stocks fall on restructuring

** Shares of most Godrej group companies fall after conglomerate announces restructuring

** Godrej Properties GODREJPROP and Godrej Industries GODREJIND drop 6% and 7.2%, respectively

** GODR top loser in Nifty Realty CNXREALTY and among top losers in mid-cap index CNXMIDCAP; GODI among top losers in Nifty 500 (.NIFTY500)

** Astec Lifesciences ASTEC sheds ~3%, while Godrej Consumer Products GODREJCP and Godrej Agrovet GODREJAGRO up 0.5% and 3% respectively

** Godrej family has decided to restructure its shareholding in the conglomerate to operate as two entities - Godrej Enterprises Group and Godrej Industries Group

** "Restructuring rules out any potential option value that could have emerged from the Vikhroli land (in Mumbai) for Godrej Properties," says CLSA, reiterating a "sell" recommendation on rich valuations

** Godrej Industries Group operates via listed companies including Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences