GMR Infra shares tank 7% on airport contract termination by Maldives

PTI Updated - November 29, 2012 at 11:49 AM.

Shares of GMR Infrastructure today plunged nearly 7 per cent to hit a record low on the bourses, after Maldives terminated the $500-million contract given to the GMR Group for developing the Male Airport.

After making a weak opening, shares of GMR Infra further lost ground and were down 6.94 per cent to Rs 16.75 — its record low on the BSE, in an otherwise strong stock market.

On the NSE, the stock tumbled 6.68 per cent to an all-time low of Rs 16.75.

The GMR group had won the contract during the regime of former President Mohamed Nasheed.

Reacting to the decision, GMR had said: “In a unilateral and completely irrational move the Government of Maldives has issued a notice to GMR Male International Airport Ltd (GMIAL) intending to take over the possession and control of the Ibrahim Nassir International Airport (INIA) under the pretext that the agreement is void”.

Meanwhile, the fall in the stock was in sharp contrast with a bullish stock market where the BSE benchmark Sensex was trading at 19,052.27, up 210.19 points at 1045 hrs.

Published on November 29, 2012 06:13
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