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DLF says report that hit its shares "mischievous"
A man rides pass an advertisement of DLF Ltd. in Gurgaon June 11, 2007.
Credit: Reuters/Adnan Abidi/Files
Reuters Market Eye - Shares of DLF, India's largest listed property developer, fell as much as 12.85 percent after Canadian investment research firm Veritas said in a report that the stock was worth about 100 rupees "in a best case scenario", traders said. The shares closed down 5.5 percent at 214.05 rupees.
Veritas described DLF as an "organization under duress" and said it had no credible plan to de-lever a balance sheet that was "stretched to the limit". "DLF is worth INR 100/share, less than half its current stock price of INR 226.9, from its core operations and investments," Veritas said in a note.
In a statement DLF said: "We do not generally comment on individual research reports. However, this report in question is presumptive and mischievous as the analysts have never contacted the company to seek any information or clarification.
The company adheres to the highest standards of corporate governance and financial integrity and the audited financials of the company are always in the public domain."
(Reporting By Aditi Shah)
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