Scams and accusations do have their negative impacts on stock performances. DLF shares dropping after anti corruption activists Kejriwal and Prashant Bhushan accused DLF for improper dealings with Robert Vadra the son-in-law of the high-flying politician family, Smt. Sonia Gandhi, well corroborates the fact.
As of October 8, in the morning trade at 10 am, DLF Ltd. shares dropped by 3.8 percent. The dropping momentum continued with shares further dropping to 5.08 percent, i.e. by Rs. 12.30 at 11.30 am. This is against a backdrop of both the indices of the Indian bourses - sensex and nifty falling moderately.
DLF denied the allegations and claims made by the India Against Corruption team, saying its business relationship, as has been its practice for all of its business activities, is transparent and adhere to the highest standards of ethics. Robert Vadra countered the accusations too deeming it ‘utterly false, entirely baseless and defamatory’. It is to wait and watch what future has in store for DLF and Robert Vadra!