Mumbai: DLF stock fell by over 2 percent in morning trade today after Sebi slapped fines totalling Rs 86 crore on the realty giant, its top executives, their family members and various other related entities for entering into "sham transactions".
The stock fell by 2.12 percent to Rs 147.10 on the BSE.
On the NSE, it lost 2.29 percent to Rs 147.05.
However, it pared the initial losses and was trading 2.30 percent higher at Rs 153.75 in afternoon trade on the BSE.
In the biggest-ever penalty in a single case, Sebi had yesterday slapped fines totalling Rs 86 crore on realty giant DLF, its top executives, their family members and various other related entities for entering into "sham transactions" to mislead IPO investors about eight years ago.
Those penalised include Chairman K P Singh, his son and Vice Chairman Rajiv Singh, daughter Pia Singh, as also three "housewives" married to 'key management personnel' of the DLF group for "fraudulent and unfair trade practices".
DLF said in a statement it did not violate any laws and it would challenge the order. DLF also said it was guided by the advice of "eminent legal advisors, merchant bankers and audit firms" while formulating its IPO documents.
