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DLF falls 9%, Haryana govt cancels 350-acre land allotment DLF is set to challenge the HC order citing that the company got the land parcel in an international competitive bidding process. Shares of DLF tumbled 9 percent intraday on Thursday as worried investors are busy offloading the stock after the Haryana government cancelled the 350-acre land allotment made to the company in 2010. In a major blow to real estate firm DLF , the Punjab & Haryana High Court has cancelled the allotment of 350 acre land to the company by the Bhupinder Singh Hooda government in Haryana. The ruling comes a week after the Supreme Court had ordered DLF to pay Rs 630 crore penalty imposed by the competition watchdog CCI as a pre-condition for hearing the company's appeal. According to sources, DLF is set to challenge the HC order citing that the company got the land parcel in an international competitive bidding process. JP Morgan has a neutral rating on the stock with a price target of Rs 210 per share stating that the cancellation does not have any impact on price target. "This would be cash positive (refund on cancellation) and also reduce the annual cash outgo on land by Rs 4 billion (deferred land payment) thereby bringing down the cash flow deficit in the business. On an NAV basis, we estimate the impact would be around Rs11/share," it said in a report.

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