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The shares of IVRCL on Thursday closed down by 6.25 per cent at Rs 61. 50, finding lower level for the third consecutive day.
The Hyderabad-based infrastructure company is in news lately with the Essel Group initially picking up 12.27 per cent stake. However, earlier in the week, the company made a statement clarifying that it has no plans to raise the stake further.
Negative sentiment
The market seems to have taken this development as a negative with the shares finding lower levels. The company shares had a run up in the last few weeks after hitting a low in December 2011.
The group company IVRCL Assets & Holdings Ltd was also down 4.98 per cent to close at Rs 48.70.
Similarly, the engineering services company Hindustan Dorr Oliver closed the day's trade lower at Rs 41.25 down 4.95 per cent.
UBS Investment Research has downgraded IVRCL to sell stating that it has strongly outperformed. The recommendation was made following a strong recovery after finding new levels. The market had taken the Essel Group move positively hoping that there could be some hostile takeover bid and later possible open offer.
Since the acquisition of shares is not on cards as of now, the IVRCL and its group scrips have been hit.
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