Stocks

DLF hits 52-week low on Rs 630-cr fine by CCI

PTI Mumbai | Updated on August 17, 2011 Published on August 17, 2011

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.

Published on August 17, 2011
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