DLF shares slip after Veritas comments

Stocks

oi-Sneha

By Sneha B K

Published: Friday, March 2, 2012, 10:58 [IST]

Shares of the DLF slipped after Veritas commented about the shares of the company which they said are worth about Rs 100, which is half of the current market price.

Veritas, Canada's largest and most followed independent equity research firm, had earlier passed scathing comments on Kingfisher Airlines and Reliance Communications.

The shares of the DLF, India’s largest property developer were trading low at Rs 204.90 down by Rs 9.75 or 4.54% at 10.30 am IST.

Following Veritas' comments, news agency PTI reported the Corporate Affairs Ministry had ordered an inspection into the books of accounts of the realty major in view of complaints by investors.

"We have ordered the Regional Director (North) to carry out inspection under Section 209 of the Companies Act. There were several complaints from investors alleging that there are anomalies in the company's books," a senior official said.

Sebi is carrying out an investigations of DLF, to check for violations, if any, of the provisions of the erstwhile Sebi (Disclosure and Investor Protection) Guidelines, 2000, by the company.

DLF in the Q3 posted a 45% drop in net profit and 7.6% decline in revenue in the quarter December 31, 2011.

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