DLF shares down by 4.5% post SC order to pay Rs 630 crore penalty

Mumbai: Shares of real estate major DLF is down by 4.5 per cent, after the company was directed by the Supreme Court to deposit Rs 630 crore fine slapped on it by the Competition Commission of India (CCI) for allegedly resorting to unfair business practices.   

Reacting to this, shares of DLF fell by 4.44 per cent to settle at Rs 183.05 on the BSE. In intra-day, it tumbled 5.32 per cent to Rs 181.35. At the NSE, the stock slipped 4.49 per cent to end at Rs 183.05. Following the dip in the stock, the company's market value fell by Rs 1,510.71 crore to Rs 32,615.29 crore. In terms of volume, 15.05 lakh shares of the company changed hands at the BSE, while over one crore shares were traded at the NSE during the day.  

The apex court said the total amount will be deposited within three months with its Registry pending the outcome of the appeal filed by DLF against May 19 order of Competition Appellate Tribunal's upholding the penalty of Rs 630 crore imposed by the CCI.  DLF pleaded that it should be granted at least six months time to deposit the amount. However, the bench comprising justices Ranjana Prakash Desai and N V Ramana said it was inclined to grant three months time only.   

Further, the bench directed that out of Rs 630 crore, the real estate major has to deposit Rs 50 crore in three weeks  and the Registry will be at liberty to invest it in any of the    nationalised banks. The CCI in 2011 had found DLF violating fair trade norms and imposed a fine of Rs 630 crore on it following a complaint by Belaire Owners' Association in Gurgaon. It was in May 2010 that the buyer's association had complained against DLF.