DLF slips deep into the red

DLF is down in the deep red today. The stock has tumbled down over 7% at Rs.170, slipping down to Rs.169 levels.

The stock has dipped after Punjab and Haryana High Court staying the Haryana Govt , where it had transferred around 300 acres of land in Gurgaon to DLF. What this means is that this land will now have to be returned to Haryana govt and this land is to be allotted once again through international bidding where DLF can also participate in this fresh bidding process.

This stay order came in after many farmers filed a petition, challenging the acquisition and transfer of land to DLF, which was village common land.