DLF is trading 3% lower at Rs 183 on reports that the Competition Commission of India (CCI) has imposed a penalty of Rs 630 crore for abusing of market dominance and unfair trade practices.
“The penalty amounting to 7% of Rs 9,006 crore, the company’s average annual turnover in the last three years, was slapped after anti-competitive practices watchdog found merit in complaints of alleged abuse of dominant position by putting discriminatory and abusive clauses in the apartment agreements provided to the allottees of two of DLF’s high-profile residential projects in Gurgaon," reports suggest.
The stock hit a low of Rs 182, its lowest price since April 2009 after opening at Rs 185 on the National Stock Exchange (NSE). A combined 500,000 shares have changed hands in opening deals.