Shares of DLF, the country's largest listed property developer, fell nearly 12.85% after Canadian investment research firm Veritas said in a report that the stock was worth about Rs 100 "in a best case scenario", traders said. The shares closed down 5.5% at Rs 214.05.
Veritas described DLF as an "organisation under duress" and said it had no credible plan to de-lever a balance sheet that was "stretched to the limit". "DLF is worth Rs 100/share, less than half its current stock price of Rs 226.9, from its core operations and investments," Veritas said in a note.
In a statement DLF said: "We do not generally comment on individual research reports. However, this report in question is presumptive and mischievous as the analysts have never contacted the company to seek any information or clarification. The company adheres to the highest standards of corporate governance and financial integrity and the audited financials of the company are always in the public domain."
