Shares of real estate giant DLF Limited dropped by almost 4% on Wednesday following a Supreme Court directive for a Central Bureau of Investigation (CBI) inquiry into alleged irregularities related to the Primus DLF Garden City project. The stock closed at Rs 568.15, down Rs 22.25 from the previous day’s close, after reaching an intra-day high of Rs 578.45 and a low of Rs 563.20 during the session.
The Supreme Court’s decision came in response to complaints from homebuyers citing significant project delays and a lack of essential amenities like water and electricity connections. Concerned about the potential scale of issues, the court instructed the CBI to assemble a team for a thorough investigation, with further updates anticipated.
DLF, in an exchange filing, disclosed that the stock exchange had requested clarification on a news report titled “No Water, No Power At DLF’s Luxury Homes In Gurgaon, Supreme Court Orders CBI Probe.” The company is yet to respond to this query, with investors reacting cautiously to the unfolding situation, resulting in a decline in the stock value over recent weeks.
Investors’ apprehension led to a downward trend in DLF’s shares, with a 6.98% decrease in the past week, a 11.48% decline over two weeks, and a 13.89% fall in the last month. Year-to-date, the stock has dropped by 17.79%, while over three and six months, it has seen reductions of 19.82% and 25%, respectively.
