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This is an archive article published on November 9, 2011
DLF shares plunge 4 despite CCI order
The broader market benchmark index,Sensex,closed 207.43 points or 1.2 down at 17,362.10 pts.
Shares of DLF today fell by about 4 per cent on the bourses,even as the Competition Appellate Tribunal granted a stay on the fair trade watchdog CCI8217;s order against the company for abuse of dominant market position.
Hearing a petition from DLF against the CCI orders,which included payment of a Rs 630-crore penalty,a three- member bench of the tribunal granted an interim relief to the realty major and sought further details from all the parties. However,the company8217;s shares witnessed a sharp sell-off on the bourses in an overall weak market and settled with losses.
At the NSE,the stock closed 3.9 per cent down at Rs 233.30,while it settled 3.6 per cent lower at Rs 233.75 at the BSE.
The stock had opened at Rs 243 this morning at the NSE,slightly higher that its previous close of Rs 242.75,but lost momentum by mid-day amid weakening broader market trends.
At the BSE also,the stock soared to an intra-day high of Rs 244 in early morning trade after opening with gains,but finally closed in the negative territory.
The broader market benchmark index,Sensex,today closed 207.43 points or 1.2 per cent down at 17,362.10 points.
DLF had approached Competition Appellate Tribunal Compat last month against the CCI directives in August,wherein the company was pronounced guilty of abusing its dominant market position in two separate cases.
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