Meanwhile, the BSE Sensex was down 132.88 points, or 0.79%, to 16,779.83.

On BSE, 9.87 lakh shares were traded in the counter as against an average daily volume of 12.90 lakh shares in the past one quarter.

The stock hit a high of Rs 196.40 and a low of Rs 190.55 so far during the day. The stock had hit a 52-week high of Rs 280.80 on 15 July 2011. The stock had hit a 52-week low of Rs 172.75 on 6 January 2012.

The stock had underperformed the market over the past one month until 7 May 2012, falling 7.08% compared with the Sensex's 3.28% fall. The scrip had also underperformed the market in past one quarter, sliding 17.01% as against 4.03% fall in the Sensex.

India's largest real estate company by market capitalisation has an equity capital of Rs 339.67 crore. Face value per share is Rs 2.

DLF aims to sell 51% in DLF Pramerica Life Insurance Company and use the proceeds to pay a part of its debt, the report said. KPMG has been appointed as advisor, it added.

DLF has been trying to reduce its debt burden by selling its non-core assets including the Amanresorts International hotel chain and a property in Mumbai.

The company owns 74% in the life insurance joint venture and US-based Prudential International Insurance holds the remaining 26%.

DLF's consolidated net profit fell 44.5% to Rs 258.35 crore on 18% decline in net sales to Rs 2034.37 crore in Q3 December 2011 over Q3 December 2010.

DLF's primary business is development of residential, commercial and retail properties.