DLF share price tanks 20% on Supreme Court notice

DLF fell over 20 per cent on the BSE during the early trade on Thursday following reports that the Supreme Court has issued a notice to the company for suppressing key information regarding judicial proceedings against its largest chunk of land-bank in Haryana.

At 11.02 a.m., DLF shares were trading 25.80 points or 15.03 per cent lower at Rs 145.80 apiece. According to reports, the apex court issued a notice to the company based on a plea that alleged the company of hiding information on pending cases regarding Haryana land-bank from its shareholders.

The plea alleged that DLF failed to mention key cases regarding the violation of the Haryana Land Ceiling Act, 1972, where adverse orders were passed by the Punjab and Haryana High Court against the DLF Group and its admitted subsidiaries, and the matter is pending with the Supreme Court.

All this was omitted in the 2019 QIP (qualified institutional placement) prospectus, the petitioner has alleged. The BSE has also sought a clarification from the company in this regard.