DLF shares down 4.5% after Supreme Court order on fine

Mumbai: Shares of real estate major DLF on Wednesday fell 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 for allegedly resorting to unfair business practices. Reacting to this, shares of DLF fell by 4.44 per cent to settle at Rs183.05 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.

DLF pleaded that it should be granted at least six months time to deposit the amount. However, the bench said it was inclined to grant three months time only. 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.