DLF, India's largest listed property developer, saw its shares slump more than 20% in early trade after the market regulator barred the company from tapping the capital markets for three years.
The ban by the Securities and Exchange Board of India, a blow to the heavily-indebted real estate firm, follows what the regulator said was DLF's failure to provide key information on subsidiaries and pending legal cases at the time of its record-breaking 2007 initial public offering.
Reacting to the news, shares of DLF slumped 20% in morning trade before trading 18.61 lower at Rs 119.40 on the Bombay Stock Exchange at 9.46 am.
Meanwhile, the broader index Sensex was trading 11.72 points lower at 26,372.35.
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