DLF CFO sells 1 lakh shares, stock down 20%

MUMBAI: DLF's chief financial officer Ramesh Sanka sold his entire stake in the company on January 5 citing personal reasons. At 12 noon, the stock was down nearly 21% at Rs 187. Earlier in the day, it touched a low of Rs 145 on BSE.

According to a stock exchange announcement, Mr Sanka sold one lakh shares of the company in a deal amouting to Rs 3.05 crore. The deal was done through kotak Securities. The shares that Mr Sanka sold were part of ESOPs that were alloted to him.

Interestingly, while there were rumours in the market that Mr Sanka has resigned, company officials have denied any such development. DLF is India's largest real estate developer. For the Sept'08 quarter it clocked revenue of Rs 3,744 crore and net profit of Rs 1,935 crore. However going ahead the sector is expected to face a slowdown.