DLF tanks over 7 per cent after Robert Vadra controversy

Mumbai: Shares of realty major DLF on Monday plunged over 7 per cent on concerns over corporate governance issue. The shares of DLF, which had closed at Rs 241.75 on Friday, opened on Monday at Rs 237, and went on to close further down at Rs 224.25.

At the NSE, DLF close at Rs 224.30, this also was down by over 7 per cent. On Friday, DLF had closed at Rs 241.90 and opened on Monday at 237. The shares of DLF fell amid allegations of the company providing undue favours to Robert Vadra.

Anti-corruption activist-turned politician Arvind Kejriwal had accused the country's biggest property developer of improper dealings with Robert Vadra, the son-in-law of Congress president Sonia Gandhi, prompting denials from the company.

Arvind Kejriwal and Prashant Bhushan accused DLF of arranging favourable loans and real estate transactions for Robert Vadra.

Activist Arvind Kejriwal, along with colleague Prashant Bhushan, accused DLF on Friday of arranging favourable loans and real estate transactions for Robert Vadra.

"We would like to state that the business relationship of DLF with Mr Robert Vadra or his companies has been in his capacity as an individual entrepreneur, on a completely transparent and at an arm's length basis," DLF said in a statement on Saturday.

"Our business relationship has been conducted to the highest standards of ethics and transparency, as has been our business practices, all around." Vadra has been quoted calling the accusations "utterly false, entirely baseless and defamatory."

(With Additional Inputs from Reuters)

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