DLF shares tank over 8% on Haryana probe concerns

Shares of realty giant DLF slumped over 8 per cent today, wiping-out Rs 1,674.7 crore from its market value, on concerns that the company may face probe by the new government in Haryana.
DLF's scrip plunged 7.84 per cent to settle at Rs 110.50 on the BSE. During the day, it tumbled 9 per cent to Rs 109.10.
At the NSE, it slumped 8.30 per cent to close the day at Rs 110.
Led by the dip in the stock, the company's market value fell by Rs 1,674.7 crore to Rs 19,690.30 crore.
The fall in DLF shares, to as low as Rs 109.10 in intra-day trade at the BSE, follows a major plunge of 28 per cent in a single day earlier this month after a Sebi order barred the company and six others from accessing the capital markets for three years.

The Sebi order has been challenged by DLF before the Securities Appellate Tribunal which would next hear the case on October 30.

While the stock had recovered some lost ground last week after being hit by Sebi order, it fell further today after reports suggested that it may face probe in Haryana.
Hours after taking oath, two new ministers in Haryana yesterday said the BJP government would order a thorough probe into the alleged land scams and not spare anyone, even Robert Vadra or former Chief Minister Bhupinder Singh Hooda.
DLF has a significant presence in Haryana and is credited with creation of India's largest township set up by a private player in Gurgaon on the outskirts of the national capital.

Notably, BJP and other parties had in the run up to the assembly polls attacked the previous Hooda government over the Robert Vadra land deal.
There have been reports about alleged irregularities in land dealings between Robert Vadra and DLF.
Prime Minister Narendra Modi while campaigning for BJP in Haryana had also kept the alleged land scams in the state at the centre of his attack.
The new ministers' remarks, however, drew sharp reactions from the Congress, which said that such statements show the arrogance of Haryana government.