India, June 29 -- Indian real estate has had a strong run over the past three years, with demand in cities like Bengaluru, Chennai and Hyderabad holding up better than most expected. But a strong market does not always protect a stock from execution hiccups. When approvals stall, launches slip, and collections come in flat, even well-run developers find themselves on the wrong side of market sentiment.

Brigade Enterprises finds itself at a crossroads after a bruising year for its stock, even as the company insists its fundamentals remain intact. Here is what went wrong - and what investors are watching now.

Brigade Enterprises, which has a market capitalisation of Rs16,285 crore, has seen its shares tumble around 40% over the past year,...