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Maytas Infra hits lower circuit for 10th straight session

Maytas Infra hits lower circuit for 10th straight session
PTI
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First Published: Wed, Jan 21 2009. 11 22 AM IST
Updated: Wed, Jan 21 2009. 11 22 AM IST
Mumbai: Maytas Infra on Wednesday dipped another 5% on the Bombay Stock Exchange and got stuck at the lower circuit for the 10th consecutive day.
The scrip opened on a weak note at Rs100.40, which is also its lower circuit limit. Similar movement was witnessed on the National Stock Exchange as well as the company opened at Rs100.15, down 5%, which is again its lower circuit limit.
On the volume term just 500 shares exchanged hands on both the bourses.
Marketmen said the stock would continue to hit lower levels till the government takes some concrete steps to solve the Maytas fiasco.
Meanwhile, the Corporate Affairs Ministry has ordered a ‘Serious Fraud´ probe into the affairs of the two companies, saying there appeared a “nexus” between the two firms and scam-hit Satyam though Maytas Infra has denied it.
Maytas Infra in a statement said “We strongly refute this (nexus) allegation against the company. Maytas Infra is in the business of implementing infrastructure projects on EPC, BOT and BOOT basis and is not in the business of real estate and property development”.
The government is believed to have moved the Company Law Board seeking to supersede the boards of Maytas Properties and Maytas Infrastructure -- two companies promoted by Satyam’s tainted founder Ramalinga Raju.
Besides, Andhra Pradesh chief minister Y.S. Rajasekhara Reddy has said the state Crime Investigation Department was also probing the affairs of Maytas Infra.
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First Published: Wed, Jan 21 2009. 11 22 AM IST