The counter of geospatial and engineering company Rolta was under intense selling pressure today.
Shares of the Mumbai-based company were down by 4.41 per cent to close at Rs 60.2 on the Bombay Stock Exchange today. Around 96,000 shares changed hands on the bourses today.
A recent media report had stated that the Indian Army's imagery interpretation capabilities, critical to providing information on the locations of enemy troops and their military assets, have been compromised by flawed contracts that it had with Rolta, a supplier of photogrammetric and geographical information system.
The report also stated that Rolta did not provide critical software upgrades and updates as part of this association with the Indian army.
Though the company has denied any wrongdoing in this matter, investors seem to have to become bearish on this stock in a market where the overall breadth was negative.
The benchmark BSE Sensex was down by 2.30 per cent to shed 388.82 points to end the day at 16,488.24.
In fact, the Rolta scrip has been loosing ground for quite some time now on the bourses. After touching it 52 week high of Rs 163.2 on January 5, the stock has been steadily losing steam. It touched the 52-week low of Rs 54.65 on November 22.