Free Press Journal

DLF shares end nearly 4% up; to challenge Sebi order


Mumbai: Paring initial losses, DLF stock ended nearly 4 per cent higher after the company, which has been slapped with a huge penalty for “fraudulent and unfair trade practices”, said it will challenge the Sebi order. After falling 2.2 per cent to Rs 147.10 in intra-day trade, the stock recovered the lost ground and ended 3.63 per cent higher at Rs 155.75 on the BSE. On the NSE, it settled at Rs 156.40, up 3.92 per cent from its previous close.

In terms of volume, 19.53 lakh shares of the company changed hands at the BSE and over one crore shares were traded on the NSE during the day. In the biggest-ever penalty in a single case, Sebi had yesterday slapped fines totalling Rs 86 crore on realty giant DLF, its top executives, their family members and various other related entities for entering into “sham transactions” to mislead IPO investors about eight years ago.

Those penalised include Chairman K P Singh, his son and Vice Chairman Rajiv Singh, daughter Pia Singh, as also three “housewives” married to ‘key management personnel’ of the DLF group for “fraudulent and unfair trade practices”.

DLF said in a statement it did not violate any laws and it would challenge the order. DLF also said it was guided by the advice of “eminent legal advisors, merchant bankers and audit firms” while formulating its IPO documents.