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Maytas hits lower circuit for 7th straight session
January 16, 2009 11:44 IST
Shares of Raju-family promoted Maytas Infra on Friday dipped another five per cent in morning trade and got stuck at the lower circuit limit for the seventh consecutive trading session on the Bombay Stock Exchange.
The hammering in the stock prices of the company, that was promoted by the family of disgraced Satyam [Get Quote] founder B Ramalinga Raju started from January 7, the day Raju made public an about Rs 7,800-crore (Rs 78-billion) fraud.
Since January 7, Maytas Infra has declined by as much as 30 per cent or by Rs 50.
Shares of the company fell five per cent immediately after opening on the BSE and the National Stock Exchange and witnessed lows of Rs 117 on BSE and Rs 116.75 on NSE.
On the volume front only 525 shares were traded on the bourses.
Meanwhile, the MMTC board meeting scheduled for today is likely to take a decision on dropping a joint venture SEZ plan with the firm.
Though the decision to pull out of the Rs 8,603-crore (Rs 86.03 billion) multi-services SEZ project in Tamil Nadu has been taken by the MMTC brass, the formal approval for aborting the plan is expected to be given by the company board.
The company, earlier, had sought shareholders' approval through postal ballot for an equity investment of Rs 85.85 crore (Rs 858.5 million) in the joint venture SEZ with Maytas Properties and Maytas Infra.
The minority shareholders were given time up to January 30 for giving their response.
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