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.
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)
DLF stock price
On November 24, 2015, DLF closed at Rs 107.00, up Rs 3.85, or 3.73 percent. The 52-week high of the share was Rs 179.00 and the 52-week low was Rs 93.00.
The company's trailing 12-month (TTM) EPS was at Rs 4.33 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 24.71. The latest book value of the company is Rs 96.63 per share. At current value, the price-to-book value of the company is 1.11.
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