DLF stock up 3% after CCI rejects complaint

Shares of DLF on Thursday settled for the day with gains of over three per cent after Anti-trust regulator CCI rejected a complaint against the realty major related to a project in the national capital.

The watchdog has dismissed the allegations after finding that prima-facie there was no violation of competition norms especially since DLF is not in a dominant position in the relevant market. Reacting to the development, shares of the company opened on a bullish note at Rs 113.55, then surged 4.88 per cent to an intra-day high of Rs 116.05. At the end of Thursday's trading session it was quoted at Rs 114.45, higher by 3.43 per cent from its previous closing price. On NSE as well similar movement was witnessed, where the stock opened at Rs 115.50, then touched an intra-day high of Rs 116.10 and finally settled at Rs 115.25, up 4.20 per cent.

DLF is already under the scanner of the Competition Commission of India (CCI), which earlier this year ordered two separate probes against the realty company. DLF was also fined Rs 630 crore by CCI in another case in August 2011, which was later set aside by the Competition Appellate Tribunal after which the regulator approached the Supreme Court.

The latest complaint pertained to apartments booked in the residential project DLF Capital Greens, Phase III, in the national capital.