Top India Developer Slumps on Report of Supreme Court Probe

Shares of DLF Ltd. plunged the most in almost three years after a newspaper reported that India’s top court is looking into whether the developer suppressed information about legal battles involving its biggest assets, Bloomberg News reported. The stock dropped 15.8% to 144.45 rupees in Mumbai on Thursday. Its fall dragged down the S&P BSE Realty Index to its worst performance among 19 sector sub-indexes compiled by the BSE Ltd. The Supreme Court issued a notice to DLF after a petition alleged the company didn’t tell shareholders about judicial proceedings against its largest land bank in the northern state of Haryana, the Hindu BusinessLine reported Thursday, citing official documents. The petitioner is asking that DLF return more than 50 billion rupees ($697 million) it raised via two share placements, one of which was this year, according to the report. Read more