DLF stock closes 11.5% down after CBI raids office

Stocks of realty major DLF on Friday closed 11.5 per cent lower after the CBI raided the company`s office premises in Gurugram and other places, in connection with a case of alleged irregularities in allocation of land to the company.

The Central Bureau of Investigation (CBI) on Friday registered a fresh case against former Haryana Chief Minister Bhupinder Singh Hooda and several others in connection with the alleged irregularities in allocation of over 1,417 acres of land during 2009-12 in Gurugram and carried out raids at more than 20 places in Haryana, Delhi and Punjab.

Raids were being carried out since Friday morning at over 20 locations, including the DLF office in Gurugram, and in Chandigarh, Rohtak, New Delhi and Mohali including Hooda`s residence in Rohtak.

The stock price of DLF closed at Rs 157.05, lower Rs 20.40 or 11.50 per cent from the previous close. Around 3 p.m, it slumped over 18 per cent to hit an intra-day low of Rs 144.70 per share.

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When contacted, an official of the company said it would submit its reply to the exchanges.

Weighed down by the slump in DLF, the BSE Realty Index declined 4.09 per cent or 76.37 points to close at 1,790.41 points.