GMR Infra plunges after Maldives govt scraps deal

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GMR Infra plunges after Maldives govt scraps deal
GMR Infrastructure: Quotes, News
BSE 13.20BSE Quote0.16 (1.21%)
NSE 13.20NSE Quote0.2 (1.52%)
GMR Infra shares plunged 4% on Thursday after the Maldives government issued notice to GMR Male International Airport.

The shares of the company was seen trading lower by 3.06% at RS 17.45 on BSE at 10.35 am IST. It touched an intra-day low of Rs 16.75

The Maldives government canceled the $500 million airport project to build Male airport.

GMR said that this is unlawful and premature notice on the pretext that the Concession Agreement [CA] is 'void' is completely devoid of any locus standi and is therefore being challenged by the Company before the competent forums. The Company disputes that the CA is 'void'.

GMR said it would further like to state that it has taken all measures to continue operations at the Ibrahim Nassir International Airport [INIA] thereby ensuring that this vital gateway to Maldives is kept open.

Read more about: gmr infra
Story first published: Thursday, November 29, 2012, 10:46 [IST]
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