DLF Sinks 8% on Cancellation of 350-acre Prime Land in Gurgaon
DLF shares fell over 8 per cent on Thursday after the Punjab and Haryana High Court cancelled the allocation of a 350-acre land in Gurgaon to the realty major. The allocation was challenged on the ground that the land was acquired for a recreational park, but later given to DLF for commercial sale.
The government's consultants valued the land and set a reserve price of nearly Rs 1,700 crore. When only DLF was deemed eligible by a government committee, its bid which was almost identical was accepted - so the government appears to have accepted a poor offer. (Read the full story here)
The court on Wednesday asked the government to invite fresh bids for the property.
DLF said it is awaiting a copy of the order and can offer detailed comments only pursuant to that. It also clarified that the said land was awarded to DLF by two rounds of international competitive bidding.
Last week, the Supreme Court had directed DLF to deposit Rs 630 crore within three months. Rs 630 crore is the fine that the competition commission imposed on DLF after it found the company guilty of violating fair trade norms in 2011. (Read)
DLF challenged the decision, but in May 2014, the Competition Appellate Tribunal upheld the penalty imposed on the developer, which then moved the Supreme Court.
Market analyst TS Harihar told NDTV that there are a lot of negative newsflow around DLF, so investors should stay away from the stock. The realty sector is politically sensitive, he added.
Earlier, there have been accusations of sweetheart land deals between DLF and Robert Vadra, the entrepreneur son-in-law of Congress president Sonia Gandhi.
DLF was the top Nifty loser today. As of 1.46 p.m.The stock traded 8.01 per cent lower at Rs 168.25 underperforming a 2.1 per cent fall in the realty sub-index of the BSE.
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