DLF Shares Fall as Competition Watchdog Finds it Guilty of Unfair Business

Shares of India's largest private sector real estate developer DLF Ltd fell nearly 2 per cent to hit intraday low of Rs 124.70 after the competition watchdog, Competition Commission of India (CCI) found the realty giant guilty of indulging in "unfair and abusive" business practices in sale of apartments in a Gurgaon housing project.

CCI has asked DLF's subsidiary- DLF Gurgaon Home Developers Private Limited and its group companies to "cease and desist" from such unfair trade practices.

However, the CCI did not impose any financial penalty on DLF as the competition watchdog had earlier imposed penalty of Rs 630 crore on DLF for similar violation.

Meanwhile, DLF in a statement issued to the Bombay Stock Exchage said that, "It is very surprising that in Gurgaon area there are tens of companies offer flats in the same price range of Rs 45-50 lakhs with same amenities and in the same product line. And no penalty has been imposed on those companies. And currently we are studying the order and will go ahead as advised by our legal team."

DLF ended 1.6 per cent lower at Rs 124.85.