MUMBAI: Shares of realty developer DLF crashed over 11 per cent on Friday after the Central Bureau of Investigation (CBI) raided the company's offices in Gurugram and several other locations, in connection with a matter of alleged irregularities in allocation of land to the company.The stock had touched an intraday low of Rs 144.70, nearly 18.5 per cent lower than the previous close.The CBI has filed a fresh case against Bhupinder Singh Hooda, former Haryana Chief Minister, and others with regards to the alleged irregularities in allocation of over 1,417 acres between 2009 and 2012 in Gurugram.A CBI team has visited our offices today, as well as those of several other corporates, with respect to an old case, pertaining to a land acquisition matter.
We are fully confident of the merits of our case and are extending our full cooperation to the authorities, said a DLF spokesperson while confirming the action by the investigation agency.DLF subsidiary DLF New Gurgaon Homes Developers has been named as one of the accused in the matter.The CBI has also put a former bureaucrat and 15 firms involved in real estate and infra development business in accused list.
These entities included RS Infrastructure, Martial Buildcon, Marconi Infratech, Commander Realtors, SU Estates, Buzz Hotels, Krrish Buildtech, Emaar MGF Land, JMD, Ansal Properties and Infrastructure, Gupta Promoters, HS Realty, DSS Infrastructure and Sana Realtors.Weighed down by the slide in DLF, the BSE Realty Index declined over 4 per cent or 76.37 points to close at 1,790.41 points.