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DLF also gave an unsecured and interest-free loan worth Rs 65 crore to companies owned by Robert Vadra. DLF, in its statement, said, "Our business relations with Robert Vadra are completely transparent. The relationship was conducted to the highest standard of ethics."
Markets generally punish stocks where there is a perception of poor corporate governance and in the past it has for the DLF stock.
Earlier, Veritas Investment Research, in its report titled 'A Crumbling Edifice', had raised doubts about the company's disclosed book equity and asset base.
The report said, "DLF has undertaken questionable related-party transactions to boost the value of DAL (DLF Assets) prior to its acquisition by DLF, thereby subverting the interests of minority shareholders via a higher purchase price for DAL."
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