DLF ends in red, down 2%

DLF had dropped to a new low of Rs 236, however it later recovered partially and ended at Rs 240, down around 2%.  Around 5.14 million shares were traded throughout the day on the BSE.

Updated at 1018 hrs

DLF is currently trading at Rs 248 - up over 1%. Around 439,020 shares have been traded so far on the BSE. The stock today opened at Rs 242, down nearly 1%, touched a low of Rs 240, and then rebounded into the positive zone to a high of Rs 252.

In order to raise Rs 2,000 crore- Rs 2,500 crore, K P Singh and family, promoters of DLF, are in advanced stages of discussions with leading foreign institutional investors (FIIs) to sell  their 6 -7% in India’s largest realtor.

Meanwhile, The I-T Department, has demanded an additional of Rs 300-400 crore for understating its income for the fiscal year ended March 31, 2006. This tax demand comes at a point when DLF's profit has shrunk by 41% to Rs 4,629 crore for the fiscal year ended March 2009.

DLF even plans to raise Rs 5,500 crore through the sale of non-core assets such as power units and hotels to help it reduce its debt. In addition, it is also resting on another Rs 2,000 crore of additional inflows from group company DLF Assets (DAL).