Stocks

GTL Infra hits lower circuit on Aircel’s insolvency woes

Reuters March 9 | Updated on March 09, 2018 Published on March 09, 2018

GTL Infrastructure hit lower circuit on Aircel's insolvency worries. The company shares slumped as much as 19.23 per cent to Rs 3.15.

The stock posted biggest intraday percentage loss since April 2013. The shares hit lower price band after falling to lowest since September 2016.

GTL Infrastructure had said on Thursday that the impact of Aircel's insolvency will be materially adverse for the company.

Aircel had contributed 43 per cent of GTL Infra's annual revenue up to March 2017, and as on March 8, 2018, Aircel has overdue outstandings of over Rs 384 crore ($59 million).

GTL Infra stock has fallen 44 per cent this year up to Thursday.

Published on March 09, 2018
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