Shares of DLF fell by nearly 2 per cent today as the Competition Commission found the realty giant guilty of indulging in “unfair and abusive” business practices in sale of apartments in a Gurgaon housing project.
Reacting to this development, the stock lost 1.77 per cent to Rs 124.70 on the BSE. On the NSE, it fell by 1.85 per cent to Rs 124.60.
DLF has said it is “very surprising” that no penalty has been imposed on various other realtors operating in the same market with the same product line.
In a fresh order yesterday against DLF, the Competition Commission of India (CCI) ruled that the realty giant was guilty of indulging in “unfair and abusive” business practices in sale of apartments in a Gurgaon housing project.
CCI asked DLF Gurgaon Home Developers Private Limited and its group companies to “cease and desist” from such unfair trade practices, but did not impose any fresh monetary penalty as Rs 630 crore fine has already been slapped on DLF for similar violation during the same period in a separate case.
This is the latest in a series of orders passed by CCI against DLF, although it has also let off the company in some cases saying it did not find any violation of the competition laws.
Reacting to the CCI order, DLF said in a statement -- a copy of which was also filed with the stock exchanges this morning -- that it has received the CCI order and would take the necessary steps as advised by the legal counsels.
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