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 and slow pre-sales in FY13-FY14.

DLF shares finished at Rs 143.00 on the BSE at the end of Monday's session, down 1.00 per cent from the previous close.