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DLF shares slump on Haryana probe concerns

business Updated: Oct 27, 2014 13:53 IST
DLF shares

Shares of realty giant DLF slumped nearly 8% on Monday on concerns that the company may face probe by the new government in Haryana.

The fall in DLF shares, to as low as Rs 109.80 in morning trade at the BSE, follows a major plunge of 28% 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 this morning after reports suggested that it may face probe in Haryana.

Hours after taking oath, two new ministers in Haryana on Sunday 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.