DLF shares climb 5% as SAT puts case on 'fast-track' mode

As the Securities Appellate Tribunal (SAT) today put DLF-Sebi case on fast-track mode, shares of the realty giant surged by nearly five per cent.
DLF's scrip climbed by 4.87 per cent to close at Rs 123.90 apiece on the BSE. During the trading session, the stock touched a high of Rs 127 and a low of Rs 119.
At the National Stock Exchange (NSE), the company's share grew by 4.23 per cent to end the trade at Rs 123.15 apiece.
Led by the rise in the share price, the company's market value rose by 1,024 crore to Rs 22,078.08 crore.

Prior to that, DLF's shares took a severe beating on the bourses earlier this month following a Sebi order that barred the company and six others from accessing the capital markets for three years for "active and deliberate suppression" of material information at the time of its IPO over seven years ago.
On October 14, shares of DLF plunge by 28 per cent to hit a life-time low of Rs 102.70, wiping out nearly Rs 7,500 crore or over one-fourth of its market value.

This was one of the rare orders by Sebi where it barred a blue-chip firm and its top promoter/executives from market.

The Sebi's order has been challenged by DLF before the SAT, which today put the DLF-Sebi case on fast-track mode.
Also, the realty player was asked to provide details of funds it immediately needs to get an interim relief to redeem capital locked in mutual fund.
The Securities and Exchange Board of India (Sebi) was asked to submit its reply by November 30 and subsequently, DLF has also been asked to submit its reply by December 8 to submissions made by the regulator with regard to the notice issued to it on the main appeal against the Sebi order.
The final hearing has been scheduled for December 10.

DLF's initial public offer in 2007 had fetched Rs 9,187 crore - the biggest IPO in the country at that time.