DLF down after CCI purges abusive conditions

At least 16 sub-clauses, found abusive and unfair have been deleted from DLF-buyer agreement

Shares of DLF were down over 2% after the Competition Commission of India (CCI) has modified the buyer-builder agreement in the case of ‘abuse of dominance’ by the country’s largest realty player DLF.

At least 16 sub-clauses, found abusive and unfair have been deleted. The “overall architecture of the agreement has been changed," according to the Commission, which changed the pact on the directions of the Competition Appelate Tribunal (Compat). The next hearing of Compat is on January 9.

Among other things, the Commission mandated the company to inform buyers about the change in layout plans, if any. CCI has pointed out that payment would be subject to the company abiding by construction milestones

The stock hit a low of Rs 233.10 on the Bombay Stock Exchange and over 2.1 million shares were traded on both the stock exchanges so far.