DLF shares fell over 4 per cent on the bourses today after market regulator SEBI said that it will probe the allegations by a Delhi-based businessman that he was duped of Rs 34 crore by the realty major and Sudipti Estates.

“The Securities and Exchange Board of India (SEBI) shall investigate the allegations levelled by the complainant, Kimsuk Krishna Sinha, in respect of DLF Ltd and Sudipti Estates Private Ltd,” the market regulator had said yesterday.

Reacting to the development, the scrip opened at Rs 224.25, then tanked by as much as 4.3 per cent to an early low of Rs 221.25 on the BSE.

A similar movement was witnessed on the National Stock Exchange, where the stock plunged by more than 3.59 per cent to a low of Rs 222.30.

DLF shares were later trading 1.38 per cent lower at Rs 228 on the BSE, and down 1.17 per cent at Rs 227.90 on the NSE.

The downtrend in the counter assumes significance as the broader market was trading in the positive terrain. The Sensex was quoted at 17,002.04 points, up 65.15 points, and the broad-based Nifty was at 5,107.10, 15.20 points higher, at 11.34 am.

In a draft red herring prospectus (DRHP) filed for a public issue in May 2006, DLF had mentioned Sudipti as its associate company. However, the DRHP was later withdrawn and thereafter, it filed a fresh prospectus in January 2007, wherein Sudipti was not mentioned as an associate.

However, Mr Sinha had alleged that Sudipti, DLF Home Developers Ltd and DLF Estate Developers Ltd were sister concerns, inextricably linked and were part of the DLF Group.

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