DLF stock at 52-wk low post-CCI penalty

DLF Ltd stock shed 5% after competition watchdog CCI imposed a hefty penalty of Rs 630 cr.

DLF Ltd stock shed 5 per cent to hit a 52-week low on the bourses today after competition watchdog CCI imposed a hefty penalty of Rs 630 crore on the real estate giant for abusing its dominant market position.

The company’s shares,which opened the day on a weak note,fell further by 5 per cent to hit a one-year low of Rs 179.50 on the Bombay Stock Exchange.

Profit-booking was also seen at the company’s counter on the NSE,where the stock plunged by 4.92 per cent to touch a 52-week low of Rs 179.55.

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In the previous trading session,the stock closed over 6 per cent lower on the bourses.

DLF was the worst-performing counter among the 30 stocks comprising the Sensex index till 1045 hours.

The CCI yesterday imposed a hefty penalty of Rs 630 crore on DLF for abusing its dominant position and issued a ‘cease and desist’ order against the imposition of unfair conditions on buyers of the real estate company’s flats.

The penalty was imposed on DLF following an enquiry by the Competition Commission of India (CCI) on a complaint filed by the owners’ association of a DLF project,the Belaire Owners’ Association,in Gurgaon.

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The weakness in the stock was in sharp contrast to the rally in the broader market following three days of losses,with the BSE benchmark Sensex trading higher by 244 points at 16,974.94 at 1048 hours.

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