India, Jan. 8 -- Blackstone Inc. shares plunged on Wednesday after President Donald Trump announced plans to ban large institutional investors from buying single-family homes.

Trump made a Truth Social post where he declared he would call on Congress to codify the ban, and wrote, "people live in homes, not corporations."

The announcement caused the Blackstone stocks to fall as much as 5% in midday trading. Similarly, losses were seen across the real estate sector.

Blackstone is the massive asset management company that oversees over $1 trillion and has acquired hundreds of thousands of single-family houses and apartments to create one of the biggest rental housing portfolios in the nation.

In August, Blackstone revealed to CNBC that i...