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Shares of GTL Ltd and GTL Infrastructure nosedived by 62 and 47 per cent respectively, on the BSE today significantly eroding the market values of both entities.
GTL’s shares fell sharply by 62.04 per cent to hit a one-year low of Rs 129 on the BSE, while GTL Infrastructure tumbled by 46.96 per cent to hit a 52-week low of Rs 15.75.
In terms of trading volumes, a massive number of shares changed hands. About 82.69 lakh shares of GTL and 186.40 lakh shares of GTL Infra were traded on the BSE.
The market cap of GTL slipped to Rs 1,496 crore from Rs 3,306 crore, while that of GTL Infra fell to Rs 1,881 crore from Rs 2,843 crore.
Commenting on the share slide, SMC Global Securities Strategist and Research Head, Mr Jagannadham Thunuguntla said, “The company’s fund raising plan went for a toss. Moreover, the telecom tower sector is undergoing huge pressure in the recent past. These factors have disappointed investors.”
According to media reports, nearly half of promoter equity in GTL is pledged by promoters.
GTL holds a 36.22 per cent stake in GTL Infra.
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