DLF has dipped 6% at Rs 203, extending its previous day’s 5% fall, on report that the Canadian research firm Veritas said the accounting practices of the realty major is “conflicting" and pointing at gaps in its business model — charges the company termed “mischievous and presumptive".
“Veritas has said DLF’s stock is at best worth Rs 100, and the company may have to recast its loan," the report suggests.
According to the Veritas report, DLF inflated sales by at least Rs 11,236 crore and profit before tax by Rs 7,233 crore through its dealings with DLF Assets, a firm floated by the company's promoters.
A combined 3.44 million shares have changed hands on the counter on morning deals on the NSE and BSE.
