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DLF stock plunges over 7%; market value dips Rs 3,000 cr
Mumbai, Oct 8, 2012, (PTI): 20:16 IST
Shares of DLF today tumbled by over 7 per cent, eroding nearly Rs 3,000 crore from its market value, amid allegations of the company providing undue favours in its transactions with Robert Vadra -- although the charges have been vehemently denied by both the parties.
The stock ended 7.24 per cent down at Rs 224.25 on the BSE.
At the National Stock Exchange, the scrip settled at Rs 223.85, down 7.46 per cent. In the process, the company's market capitalisation (m-cap) declined Rs 2,969 crore to Rs 38,090 crore.
DLF had on Saturday rejected the allegations that it had given unsecured loans to Robert Vadra as a 'quid pro quo' for favours and said it had transparent dealing with him as an individual entrepreneur.
On Friday last week, civil society activists Arvind Kejriwal and Prashant Bhushan had alleged that Vadra bought property worth crores of rupees between 2007 and 2010 with an "unsecured interest free loan" of Rs 65 crore given by DLF.
DLF, however, said that it had given Rs 65 crore as "business advances" out of which Rs 15 crore was fully refunded and Rs 50 crore was used for purchase of land.
Yesterday, Vadra also denied the allegations, terming them as defamatory and aimed at gaining cheap publicity.