Stocks

DLF stocks slump on report of Supreme Court probe

Bloomberg Mumbai | Updated on August 22, 2019 Published on August 22, 2019

DLF was the biggest decliner on the S&P BSE Realty gauge.   -  The Hindu

Largest developer DLF tumbled the most in more than two years after The Hindu BusinessLine reported that Supreme Court issued the company a notice for not disclosing key information. At 3.20 pm, the stocks of DLF were trading 16.35 per cent lower at ₹143.55.

Read more: Supreme Court issues notice to DLF, SEBI on non-disclosure of key information in QIP

The stock was trading 17 per cent lower in third day of declines, the worst performer on S&P BSE 200, NSE Nifty 100 indexes. DLF was also the biggest decliner on the S&P BSE Realty gauge, which is set for its steepest drop since November 2016, the most among 19 sector sub-indexes compiled by BSE Ltd. Other real-estate stocks trading in negative were Indiabulls Real (-4 per cent) and Oberoi Realty (-6 per cent).

“The court notice may lead to a big penalty along with further legal inquiry,” said Sameer Kalra, founder of Target Investing in Mumbai.

Published on August 22, 2019
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