Shares of realty firm DLF plunged over 4 per cent in afternoon trade today amid the Securities Appellate Tribunal adjourning the hearing of its plea against Sebi order.
DLF today appealed for an interim relief from SAT to allow it to redeem thousands of crores worth funds locked in mutual funds and other securities.
After hearing the petition filed by the country's largest real estate developer last week, the Tribunal adjourned the matter till October 30 next week, as it sought a response from capital markets regulator Sebi on DLF's plea for an interim relief.
SAT was today going to hear DLF's appeal against the Sebi order that barred the company and six top executives from accessing capital market for three years.
The shares of the company opened on a weak note and then lost further ground and touched an intra-day low of Rs 115.90 on the BSE.
Similar movement was seen on the National Stock Exchange as well where the stock opened at Rs 122.85, then fell 4.77 per cent to an intra-day low of Rs 115.60.
The stock, however, recovered some lost ground and was trading at Rs 118.05, down 2.68 per cent, on the BSE.
On the NSE, it was at Rs 118.10, down 2.72 per cent, at 1400 hours.
In a major blow to DLF, Sebi had passed an order against the company for "active and deliberate suppression" of material information at the time of its IPO over seven years ago.
DLF's initial public offer in 2007 had fetched Rs 9,187 crore -- the biggest IPO in the country at that time.
While the regulator did not impose any monetary penalty, the prohibition barred DLF and the six persons, from any sale, purchase or any other dealings in securities markets for a period of three years, including for raising funds.
This is one of the rare orders by Sebi that bars a bluechip and its top promoter/executives from market.
