DLF slumps on High Court ruling over Gurgaon land

The Punjab and Haryana High Court set aside the Haryana govt's decision to allot 350 acres of land in Gurgaon

Shares of DLF were down over 5% at Rs 173 after the Punjab and Haryana High Court on Wednesday set aside the Haryana government’s decision to allot 350 acres of land in Wazirabad, Gurgaon, to the country’s largest real estate developer DLF in 2010.

The decision came on a set of petitions filed by farmers challenging the acquisition and transfer of the land to DLF, citing that it was village common land, the farmer’s counsel said.

Recently, the Supreme Court had on August 27 directed the company to deposit Rs 630 crore in its registry within three months. The court rejected the company’s request for a stay on the Competition Commission of India’s (CCI’s) order in a case related to abuse of market dominance.

The stock opened at Rs 175 and tuoched a low of Rs 172 so far. Over 286,000 shares were traded on both the stock exchanges so far.