DLF stock drops after improper deals accusations; claims denied

Firm denies the allegations, says dealings with Vadra conducted to the highest ethical standards
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First Published: Mon, Oct 08 2012. 10 50 AM IST
Arvind Kejriwal accused DLF of arranging favourable loans and real estate transactions for Robert Vadra. Photo: Priyanka Prashar/Mint
Arvind Kejriwal accused DLF of arranging favourable loans and real estate transactions for Robert Vadra. Photo: Priyanka Prashar/Mint
Updated: Tue, Oct 09 2012. 12 38 AM IST
Mumbai: Shares of the property developer DLF Ltd slid by over 7% on Monday on allegations it sold property to the son-in-law of powerful politician Sonia Gandhi at bargain-basement prices.
Anti-corruption activists last week accused DLF of selling property to Robert Vadra at “throwaway prices” in return for government favours and demanded an investigation.
Shares of DLF, which has denied any wrongdoing, fell by 7.24% to Rs.224.25.
DLF said in a weekend statement that its dealings with Vadra, who is married to Sonia Gandhi’s daughter Priyanka, were conducted “to the highest ethical standards”.
The wealthy businessman has dismissed the charges as “baseless”.
Finance minister P. Chidambaram turned down calls for an inquiry on Monday into the accusations targeting India’s most famous political family.
“Unless there is a specific allegation...I am afraid private transactions cannot and ought not to be allowed to be questioned on the basis of imputations and insinuations,” Chidambaram said.
Sonia Gandhi’s son Rahul, 42, is widely seen as being groomed for the role of prime minister despite his reluctance to take on any government job. His sister Priyanka, 40, is often viewed as more suited to a career in politics, though she avoids public life.
Vadra launched a company, Artex, which specialises in jewellery and handicraft exports, in 1997—the year he married Priyanka Gandhi.
In recent years he has branched into other sectors, from property to hospitality. AFP
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First Published: Mon, Oct 08 2012. 10 50 AM IST
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