VERITAS REPORT ON DLf
After tearing apart Kingfisher Airlines’ financials last year — well before the world and its uncle woke up to the reality of the doddering airline — Toronto, Canada-based Veritas Investment Research has now excoriated DLF, dubbing India’s largest realtor ‘a crumbling edifice’.
Shares of DLF plunged as much as 12% before recovering half of that on Thursday as the withering 25-page dissection hit the street.
Analysts Neeraj Monga and Nitin Mangal, in the note released on Thursday, said DLF may need to restructure loans and dilute equity to get out of the hole it finds itself in, adding the company has negative cash flows of Rs936 crore this year.
They questioned the disclosed book equity and asset base of the company, hinting at irregularities in the DLF and DLF Assets Ltd (DAL) merger.
For the full article refer to DNA http://www.dnaindia.com/money/report_after-kingfisher-veritas-demolishes-dlf_1657253
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