DLF falls as Dec-qtr profit hurt by demonetisation woes

Last Updated: Wed, Feb 15, 2017 13:08 hrs
DLF Building

DLF Ltd shares fall nearly 5 pct to lowest since Dec. 26, 2016.

Co posted 46 pct fall in Dec-qtr consol profit to 981.4 rupees ($14.67 million), as the government's demonetisation move had short-term negative impact on secondary sales.

"The performance in the last quarter was subdued as markets adjusted itself to new paradigm initiated by demonetisation move," DLF said on Tuesday.

Discussion with short-listed investors for cumulative compulsorily convertible preference share (CCPS) holders to sell stake in DLF Cyber City (DCCDL) at an advanced stage and conversion period for CCPS issued to the promoters in DCCDL extended by a year, DLF added.

Shares have fallen about 8 pct in Oct-Dec, during which period the Indian government announced its decision to ban higher denomination notes.

($1 = 66.9200 Indian rupees)

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