DLF shares plunge by 1.30%

DLF shares plunge by 1.30%
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First Published: Fri, Mar 20 2009. 06 47 PM IST
Updated: Fri, Mar 20 2009. 06 47 PM IST
New Delhi: The share price of DLF Ltd, India’s largest real estate developer by market value on Friday fell by 1.30% to close at Rs171.10 on the Bombay Stock Exchange (BSE) index on a news report by CNBC TV-18 which said that DLF is considering picking up a minority stake in DLF Assets Ltd (DAL).
DAL is the promoter-owned company of DLF, which buys and holds completed commercial assets of DLF.
A DLF spokesperson, however, said that the news was “not true”.
The CNBC report also said that the picking up of stake would help DAL in their plans for an overseas real estate investment trust listing and DLF will be its sponsor for the same. This move may also be aimed at reducing DAL’s Rs5,000 crore receivables to DLF, the report said.
Meanwhile, Sensex, the benchmark index was down by 0.39% and the BSE realty index, which comprises of 14 real estate stocks was down by 4.14%.
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First Published: Fri, Mar 20 2009. 06 47 PM IST
More Topics: DLF | Shares | Stake | DLF Assets Ltd | Money |