Shares in DLF, India’s biggest real estate developer, fell 2.99 per cent, sharply underperforming a 0.4 per cent gain in the Nifty and posting their sixth decline in the past seven sessions.
Traders say DLF is being hit by perceptions of its ties with the ruling Congress party, which is trailing badly in polls ahead of elections concluding next month.
“I would say DLF has been falling on some perceptions of political connections to Congress and the company’s lingering debt burden,” said G Chokkalingam, founder of research and fund advisory company Equinomics.
A DLF spokesman declined to comment.
“As per our company policy, we do not comment on market speculation.”
DLF has lost around 13.7 per cent so far in April, far underperforming rivals.
Shares in Cairn India, on Wednesday, ended at Rs. 152.45 apiece on the BSE, down 2.93 per cent from the previous close.