Home » Business » DLF shares tank 28% on Sebi order; loses Rs 7,500-crore market value
The carnage in DLF shares began soon after the markets opened this morning in the first trading session after Sebi's order, wherein the company and six top executives have been barred from accessing securities markets for three years for disclosure lapses seven years ago at the time of its IPO.
The stock hit a life-time high of Rs 102.70 with a plunge of 29.99 per cent, before ending the day slightly higher at Rs 104.95 a piece at the BSE.
At the NSE, the stock plunged 27.98 per cent to settle at Rs 105.80. DLF was the worst performer among all BSE stocks.
The huge sell-off in DLF shares, presumably by retail as well as foreign and domestic institutional investors, led to a loss of Rs 7,438.67 crore (Rs 74.38 billion) in the company's market valuation, which stood at Rs 18,701.33 crore (Rs 187.01 billion) at the end of trade today. Nearly 9 crore (90 million) shares changed hands at the BSE and NSE during the day. The stock had fallen by nearly 4 per cent yesterday too.
Besides chairman and main promoter K P Singh, those barred from the markets include his son Rajiv Singh (Vice Chairman), daughter Pia Singh (Whole Time Director), Managing Director T C Goyal, former CFO Ramesh Sanka and former ED (Legal) Kameshwar Swarup.
DLF said it has not violated any laws and it would defend
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