DLF pares early morning gains; closes 2 pc down on BSE
DLF Ltd on Wednestoday pared its early morning gains and settled with nearly two per cent loss on the Bombay Stock Exchange after the promoters said they would offload 9.9 per cent stake in the company.
By PTI |
MUMBAI: Country's largest real estate developer DLF Ltd on Wednestoday pared its early morning gains and settled with nearly two per cent loss on the Bombay Stock Exchange after the promoters said they would offload 9.9 per cent stake in the company.
Shares of DLF dipped 1.59 per cent to close at Rs 232.50 on the BSE. During the trade the scrip had plunged to a low of Rs 229.60, down 2.81 per cent over previous close on the BSE.
Marketmen said the announcement of promoter stake sale pulled up the scrip in the morning trade as investors flocked the counter, however, towards the end, portfolio selling emerged across the market.
"Portfolio selling across the market pulled down the scrip as DLF was not immune to the broader market sentiment," Parash Bothra Ashika Stock Brokers Research Head Paras Bothra said.
DLF today said its promoters have sold 16.8 crore shares or 9.9 per cent stake in the company, raising about Rs 3,860 crore to bail out cash-short DLF Assets.
"The stake sell would enhance the cash balance of the company, which was reeling under pressure of repayment debt. It seems that foreign institutions have bought the stake, which is a good news for the company," Bothra added.
On the NSE the scrip settled with a loss of 1.35 per cent at Rs 234.80. On the volume front a good 20.72 crore shares changed hands on both the bourses.
Shares of DLF dipped 1.59 per cent to close at Rs 232.50 on the BSE. During the trade the scrip had plunged to a low of Rs 229.60, down 2.81 per cent over previous close on the BSE.
Marketmen said the announcement of promoter stake sale pulled up the scrip in the morning trade as investors flocked the counter, however, towards the end, portfolio selling emerged across the market.
"Portfolio selling across the market pulled down the scrip as DLF was not immune to the broader market sentiment," Parash Bothra Ashika Stock Brokers Research Head Paras Bothra said.
DLF today said its promoters have sold 16.8 crore shares or 9.9 per cent stake in the company, raising about Rs 3,860 crore to bail out cash-short DLF Assets.
"The stake sell would enhance the cash balance of the company, which was reeling under pressure of repayment debt. It seems that foreign institutions have bought the stake, which is a good news for the company," Bothra added.
ADVERTISEMENT
On the NSE the scrip settled with a loss of 1.35 per cent at Rs 234.80. On the volume front a good 20.72 crore shares changed hands on both the bourses.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
