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Maytas Infra hits lower circuit 9th time, down 4.99%

January 20, 2009 13:16 IST

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The troubled Maytas Infra on Tuesday touched the lower circuit for the ninth consecutive session on the bourses, a day after the government extended the scope of probe by the serious fraud office to Maytas companies, promoted by the family of the infamous B Ramalinga Raju.

Shares of Maytas Infra hit its lower circuit just after opening, to halt trading at Rs 105, down 4.99 per cent on the Bombay Stock Exchange.

A similar fate was faced on the National Stock Exchange, where the scrip touched an intra-day low of Rs 105.40, down five per cent. A total of 971 shares got traded on both the bourses.

"The government. . . has approved and authorised the Serious Fraud Investigation Office inspectors to obtain such books, records, papers as they deem necessary from Maytas Properties and Maytas Infra," Minister of Corporate Affairs Prem Chand Gupta had said.

Marketmen said the stock would continue to hit lower levels till the government takes some concrete steps to solve the Maytas fiasco.

To uncover the facts relating to events in Satyam [Get Quote], the minister had said, "It is necessary to obtain information, records, books and papers from the two companies."

He further said, "Inspectors investigating the matters relating to Satyam have informed about an apparent nexus between the events that have taken place in Satyam and Maytas Properties and Maytas Infra."

Meanwhile, Maytas Infra CEO P K Madhav, who is facing a criminal case relating to a non-banking finance company, on Monday resigned from the tainted Raju family-promoted firm.

As of now, Teja Raju, vice chairman of Maytas Infra, is looking after administration and other operational functions of the company.

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