DLF slumps on buzz SC issues non-disclosure notice

DLF plunged 16.70% to Rs 142.95 at 10:40 IST on reports that the company suppressed information on pending cases regarding Haryana land-bank.

According to reports, the Supreme Court has issued a notice to DLF based on a petition that highlighted how DLF had suppressed key information regarding judicial proceedings against its largest chunk of land-bank in Haryana. A notice has also been issued to Sebi, which too is party to the case.

DLF will now have to file its response to the petition, which prays that the company be asked to return more than Rs 5,000 crore that it raised via two qualified institutional placements (QIPs), one of which was in 2019, reports added.

DLF's whole time director, Ashok Tyagi, was quoted by the media as saying that all material disclosures had been made in the QIP and complaint is about 5-6 acres of land by a co which is not company's arm. He further said that DLF has received the notice from Supreme Court a month ago and SC notice has not asked for any disclosures. SC has asked DLF & Sebi whether the complainant should be impleaded in the case.

On the BSE, 21.94 lakh shares were traded in the counter so far compared with average daily volumes of 3.51 lakh shares in the past one quarter.

The stock had hit an intraday high of Rs 168.60. It hit an intraday low of Rs 137.75, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 223.40 on 30 August 2018.

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