DLF surges post Securities Appellate Tribunal order

The stock moved higher by 9% to Rs 162, bouncing back 12% from intra-day low of Rs 145 on the NSE.

Shares of DLF has moved higher by 9% to Rs 162, bouncing back 12% from intra-day low on the National Stock Exchange (NSE), on reports that the  Securities Appellate Tribunal (SAT) has quashed the order passed by the Securities and Exchange Board of India (Sebi) against the company for alleged non-disclosure of information during its initial public offering. CLICK HERE TO READ FULL REPORT

The stock opened at Rs 152 and touched a low of Rs 145 in early morning trade on the NSE. The counter has seen huge trading volumes with a combined 17.71 million shares already changed hands till 1335 hours against an average sub 10 million shares that were traded daily in past two weeks on NSE and BSE.

On October 14, 2014, DLF shares tanked 29% from Rs 147 to Rs 105 after the market regulator banned India’s largest real estate developer and six of its key officials, accusing them of deliberately withholding information in the draft red herring prospectus (DRHP) filed before its 2007 IPO.

At 1335 hours, the stock was up 6% at Rs 159 on the NSE.