IRB Infra Shares Drop After Termination Of Mumbai-Pune Phase II Project

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Shares in IRB Infrastructure dropped more than 2 per cent after the company said the Maharashtra State Road Development Corp had terminated the Mumbai-Pune Phase II project awarded to its arm, Mhaiskar Infrastructure Pvt Ltd, in September 2014.

IRB Infra Shares Drop After Termination Of Mumbai-Pune Phase II Project
IRB Infrastructure Developers: Quotes, News
BSE 191.30BSE Quote0.4 (0.21%)
NSE 191.50NSE Quote0.25 (0.13%)
However, it is important to note that the company will have toll collection rights till August 2019.

The shares of the company were last trading at Rs 243.90, down almost 2.2 per cent over Friday's close.

IRB has some of the prime BOT projects in the country, among which includes the operation and maintenance of the Mumbai to Pune Expressway, and also the four laning of NH-4 from Shil Phata to Dehu Road; two major roads connecting India's commercial capital to the rest of Maharashtra.

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