DLF plunges as SC refuses to stay SAT order

Shares of realty major DLF fell nearly 5% from opening trade immmediately after reports that the Supreme Court has refused to stay the Securities Appellate Tribunal (SAT) order in DLF IPO disclosure breach case.The stock closed the day at Rs 131.25; down 3.81%, on the BSE.The apex court has issued notice to the DLF promoters following the Securities and Exchange Board of India’s (SEBI) plea in the IPO case.The SEBI had challenged SAT order of lifting 3-year market ban on DLF promoters from entering stock market.In October 2014, the SEBI had banned promoters and other related entities from the market for three years. It had found that the promoters had not disclosed certain information while filing IPO documents in 2007.However, last month, the SAT quashed the SEBI order against DLF. “According to the majority decision, the impugned order dated October 10, 2014, is quashed and set aside and all appeals are allowed, with no order as to costs,” said the SAT order.