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Tuesday, October 25, 2011

DLF Stocks Fall on Sebi’s IPO Probe

Shares of India’s largest real estate player DLF fell over 2% on the bourses after capital market regulator Securities and Exchange Board of India (Sebi) said it would probe the allegations a Delhi businessman against the realty major. The stock fell by 2.7 % to end Friday at Rs 225 on BSE, after plunging by as much as 4.3% during the day. On the National Stock Exchange, the scrip closed 2.3% down, also at Rs 225.

The capital market regulator had on Thursday said it would investigate certain allegations levelled against DLF Sudipti Estates Pvt Ltd by one Kimsuk Krishna Sinha. “The company’s operations may not witness any significant impact due to Sebi’s investigation but its goodwill could be impacted,” said a real estate consultant, adding things would become clearer once Sebi’s probe concludes. Sinha had accused DLF and Sudipti Estates of duping him of Rs 34 crore.

In a draft prospectus filed for its public issue in May 2006, DLF had mentioned Sudipti as its associate company. But it was later withdrawn and a fresh prospectus filed in January 2007, this time without the Sudipti name. Sinha claimed that Sudipti, DLF Home Developers and DLF Estate Developers were sister concerns and part of DLF Group, but DLF said Sudipti is a separate legal entity owned and controlled by different individuals. The Delhi High Court had in July directed the regulator to look into the complaint and pass an order within three months.

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