 "DLF hits three-month low on SC order to pay Rs 630 crore penalty")
Shares of real estate major DLF has tanked 5% to Rs 182 after the Supreme Court rejected the company’s plea and directed it to pay Rs 630 crore within three weeks.
The stock opened at Rs 192 and touched a low of Rs 181, its lowest level since May, 2014 on the National Stock Exchange (NSE). A combined 11.18 million shares changed hands on the counter so far on NSE and BSE.
In August 2011, the Competition Commission of India (CCI) had found DLF violating fair trade norms and imposed a fine of Rs 630 crore on it following a complaint by a Belaire Owners' Association in Gurgaon.
In July this year, DLF had moved the apex court against the Competition Appellate Tribunal (COMPAT), which in May upheld a two year old CCI penalty in a case related to Gurgaon housing complex, The Belaire.
The stock opened at Rs 192 and touched a low of Rs 181, its lowest level since May, 2014 on the National Stock Exchange (NSE). A combined 11.18 million shares changed hands on the counter so far on NSE and BSE.
In August 2011, the Competition Commission of India (CCI) had found DLF violating fair trade norms and imposed a fine of Rs 630 crore on it following a complaint by a Belaire Owners' Association in Gurgaon.
In July this year, DLF had moved the apex court against the Competition Appellate Tribunal (COMPAT), which in May upheld a two year old CCI penalty in a case related to Gurgaon housing complex, The Belaire.