DLF scrip plummets day after Rs.630 crore fine

August 17th, 2011 - 3:16 pm ICT by IANS  

Mumbai, Aug 17 (IANS) A day after the competition watchdog imposed a Rs.630 crore fine on real estate major DLF for unfair business practices, the company’s scrip tumbled close to 7 percent in afternoon trade Wednesday on the Bombay Stock Exchange (BSE).

The DLF stock was trading at Rs.175.90 at the BSE, down 6.93 percent from its previous close at Rs.189.

The Competition Commission of India had slapped a Rs.630 crore on the real estate developer, accusing it of abusing its position of being a dominant player in the market and disregarding the rights of consumers.

The fine is more than half the net profit posted by DLF in the last financial year.

The company’s stock had started the day in the red and fell further as selling picked up around noon.

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