Comments
DLF shares shed 5 per cent to hit a 52-week low on the bourses today after the Competition Commission of India imposed a hefty penalty of Rs 630 crore on the company for abusing its dominant market position.
The scrip, which opened the day on a weak note, fell further by 5 per cent to hit a one-year low of Rs 179.50 on the Bombay Stock Exchange.
Profit-booking was also seen at the company’s counter on the NSE, where the stock plunged by 4.92 per cent to touch a 52-week low of Rs 179.55.
In the previous trading session, the stock closed over 6 per cent lower on the bourses.
DLF was the worst-performing counter among the 30 stocks comprising the Sensex index till 10.45 am.
The CCI had yesterday imposed a hefty penalty of Rs 630 crore on DLF for abusing its dominant position and issued a ‘cease and desist’ order against the imposition of unfair conditions on buyers.
The penalty was imposed on DLF following an enquiry by the CCI on a complaint filed by the owners’ association of a DLF project, the Belaire Owners’ Association, in Gurgaon.
The weakness in the company’s stock was in sharp contrast to the rally in the broader market following three days of losses, with the BSE benchmark Sensex trading higher by 244 points at 16,974.94 at 10.48 am.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.