Moneycontrol
Oct 10, 2012 01:43 PM IST | Source: Moneycontrol.com

DLF falls 11% in 3 days on allegations by Kejriwal

Realty major DLF fell for the third consecutive session on Wednesday, losing over 11 percent in three days after anti-corruption crusader-turned-politician Arvind Kejriwal continued his offensive against Robert Vadra, the son-in-law of UPA chairperson Sonia Gandhi, construction major DLF and the Congress government in Haryana.

 
 
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Realty major DLF fell for the third consecutive session on Wednesday, losing over 11 percent after anti-corruption crusader-turned-politician Arvind Kejriwal continued his offensive. He has commented against Robert Vadra, the son-in-law of UPA chairperson Sonia Gandhi, construction major DLF and the Congress government in Haryana.


Alleging that the Haryana government had given undue benefits to DLF, Kejriwal said that the Punjab and Haryana High Court had pointed at a "malafide nexus" between the two.


India Against Corruption (IAC) member Kejriwal alleged that the Haryana government had allotted over three-acre of land meant for hospital to DLF to set up a Special Economic Zone (SEZ). He went on to say that Vadra was given as much as 50 per cent of stake in DLF's SEZ company after one year.


Kejriwal said that the amount of unsecured loan given by DLF to Vadra, which he had earlier claimed to be Rs 65 crore, was actually Rs 85 crore. Both Vadra and DLF have, however, denied the allegations.


Stock analyst SP Tulsian of sptulsian.com explains to CNBC-TV18 that controversies have always surrounded DLF and that is why its share-value has considerably eroded. Tulsian adds that litigation would force the court to direct the government and the regulatory authorities to probe affairs of the company.


At 11:05 hours IST, DLF was trading at Rs 216.15, down 3.59%. Market capitalisation of the company currently stands at Rs 36,714.46 crore.

(With inputs from ibnlive.com)

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