DLF, India’s largest real estate developer on Thursday had a market value fall 19.41% to Rs 138.30 per share, the most in more than two years after Supreme Court issues notice on Non-Disclosure of key information on QIP.
In February 2017, DLF was the worst performer on S&P BSE 200, NSE Nifty 100 indexes. It also was the biggest decliner on the S&P BSE Realty index, its steepest drop since November 2016. Other real-estate stocks Indiabulls Real Estate fell 4%, Oberoi Realty fell 6%. In 2017, SEBI had found that DLF had violated shareholder disclosure norms during its Rs 7,000 crore IPO.
In Gurugram and Haryana, DLF had plans to develop 17 million sq ft of space in commercial and residential segments and also. It also has developed many housing and commercial projects across the country which has a major presence.
DLF Q1 net profit jumped 140.08% (over two-fold) to Rs 414 crore as the company strengthened its cash reserves and pared debt. Its net profit stood at Rs 172.44 crore in the year-ago period. The real estate firm’s total income declined 7.04% to Rs 1540.95 crore during the same period from Rs 1657.67 crore in the corresponding period of the previous year.