DLF falls; adjusted profit lags estimates

Shares in DLF Ltd, India's top real estate developer, fell 1.5 per cent after its December-quarter net profit lagged estimates when adjusted for Rs 192 crore of tax credit. Consolidated net profit fell 49 per cent to Rs 145 crore from Rs 285 crore a year earlier. Morgan Stanley downgraded the stock to 'underweight' from 'equal-weight' and reduces its price target to Rs 125 from Rs 152, citing weak pipeline of older projects a...