DLF shares rebound from record lows; gain over 5%

Stocks of realty major DLF bounced back after hitting a fresh life-time low in early trade today, surging over 5 per cent on value buying at lower levels.

After hitting a fresh life-time low of Rs 100, down 4.71 per cent in intra-day session, shares of the realty giant made a come back and finally ended with a gain of 5.15 per cent at Rs 110.35 on the BSE.

The stock gained ground on value buying at lower levels, which was less than half the level of its 52-week high of Rs 242.80 a piece.

During the day, DLF's stock touched a high of Rs 115.85, reflecting a gain of over 10 per cent from its previous close.

At the NSE, the stock closed 5.57 per cent higher at Rs 110.80. DLF was the top gainer among the 50-bluechips Nifty scrips.

Following buying in the stock, the company's market value rose by Rs 962.24 crore to Rs 19,663.57 crore from Rs 18,701.33 crore on Tuesday.
Over 6 crore shares of the company were traded at the NSE, while 128 lakh shares changed hands at the BSE during the day.

Shares of DLF had on Tuesday plunged nearly 30 per cent after Sebi imposed a three-year ban on the company and its top executives from securities markets.
DLF shares were trading with circuit limits, with the upper limit for the day fixed at Rs 120.65 and the lower end at Rs 94.50 at the BSE.

On Tuesday, the company's market valuation had fallen by Rs 7,438.67 crore. Out of this, the promoters took the biggest hit of about Rs 5,500 crore, while overseas investors also saw the value of their holding plunge by nearly Rs 1,500 crore.
There are 334 foreign institutional investors in the company who hold over 35 crore shares in the realty firm.

The hit for small retail investors was little over Rs 200 crore, while that for HNIs was Rs 48 crore.

Sebi has barred DLF as well as its six top executives, including chairman and main promoter K P Singh, from the securities market for 3 years for "active and deliberate suppression" of material information at the time of its IPO.

Besides K P Singh, those barred from the markets include his son Rajiv Singh (Vice Chairman), daughter Pia Singh (Whole Time Director), Managing Director T C Goyal, former CFO Ramesh Sanka and former ED (Legal) Kameshwar Swarup.
DLF said it has not violated any laws and would defend itself against any adverse findings in the Sebi order.

While the regulator has not imposed any monetary penalty, the prohibition order would bar DLF and the six persons from any sale, purchase or any other dealings in securities markets for a period of three years, including for raising funds.
DLF had over Rs 19,000 crore of debt as on June 30, 2014, while its already-proposed fund raising plans include nearly Rs 3,500 crore through issue of certain bonds to lower debts.

The order can be challenged at Securities Appellate Tribunal.