DLF closes 3.6% higher despite SEBI's Rs 86-crore penalty

MUMBAI: Stocks of DLF bounced surged 3.6 per cent to settle at Rs 155.75, despite SEBI slapping a hefty fine of Rs 86 crore on the realty developer for failing to disclose sufficient information during its initial public offer in 2008.

The regulator on Thursday, in two separate orders, imposed monetary penalties on DLF and seven of its officials for alleged fraudulent and unfair trade practices and several other related entities.

SEBI's latest orders come after it had in October banned the Delhi-based real estate major and some of its top officials from securities market for three years in a similar case. DLF has challenged Sebi's order before the Securities Appellate Tribunal.

“We are presently reviewing the said Orders and after taking appropriate legal advice, we will challenge the said Orders in appeal,” the company said in a filing to stock exchanges.