DLF slides 3 percent, underperforms rivals

Wed Apr 23, 2014 5:01pm IST

A man cycles past the construction site of a residential apartment building by property developer DLF Ltd. in Gurgaon January 27, 2010. REUTERS/Adnan Abidi/Files

A man cycles past the construction site of a residential apartment building by property developer DLF Ltd. in Gurgaon January 27, 2010.

Credit: Reuters/Adnan Abidi/Files

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Reuters Market Eye - Shares in DLF, India's biggest real estate developer, fell 2.99 percent, sharply under-performing a 0.4 percent gain in the Nifty and posting their sixth decline in the past seven sessions.

Traders say DLF is being hit by perceptions of its ties with the ruling Congress party, which is trailing badly in polls ahead of elections concluding next month.

"I would say DLF has been falling on some perceptions of political connections to Congress and the company's lingering debt burden," said G. Chokkalingam, founder of research and fund advisory company Equinomics.

A DLF spokesman declined to comment. "As per our company policy, we do not comment on market speculation."

DLF has lost around 13.7 percent so far in April, far underperforming rivals. For graphic, click link.reuters.com/reb78v

(Reporting by Abhishek Vishnoi and Aditi Shah; Editing by Kim Coghill)

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