In a major setback for the real estate developer DLF, the Supreme Court (SC) on Wednesday upheld Rs 6.3 billion penalty imposed by Competition Commission of India (CCI) for abusing its dominant market position with regard to a residential society in the Gurgaon.

Earlier, the Competition Appellate Tribunal (Compat) had also upheld penalty on the company.

SC has directed DLF to pay the penalty amount within 3 months. Of the total penalty, the company will pay Rs 500 million with 3 weeks and to submit undertaking of interest of 9% on total amount.

Shares of the company declined Rs 9.75, or 5.09%, to trade at Rs 181.80. The total volume of shares traded was 1,230,641 at the BSE (2.51 p.m., Wednesday).