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Maytas hits lower circuit in early trade, dips 5%

Maytas hits lower circuit in early trade, dips 5%
PTI
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First Published: Tue, Feb 24 2009. 11 09 AM IST
Updated: Tue, Feb 24 2009. 11 09 AM IST
Mumbai: Maytas Infra, a company promoted by the tainted Raju family, on Tuesday touched its lower circuit, and dipped as much as 5% on the bourses in early trade.
Immediately after opening, the scrip of Maytas Infra witnessed a dip of 5% from its previous close to an intra-day low of Rs48.50, which is also its lower circuit level on the Bombay Stock Exchange.
A similar trend was also seen on the National Stock Exchange, where the company dipped 5% and hit its lower circuit limit of Rs48.45.
On the volume front, 3,274 shares exchanged hands on the BSE, while 13,649 shares got traded on the NSE.
Marketmen said the stock is yet to find its bottom level and the downtrend in the counter is likely to continue.
Meanwhile, the Company Law Board had granted time to Maytas Infra after they submitted that they had not got all required papers and documents from the government.
Besides, the CLB is likely to take a decision on Tuesday on the government’s plea to take over the board of Maytas Properties, another firm promoted by kin of the scam-tainted Satyam founder Ramalinga Raju.
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First Published: Tue, Feb 24 2009. 11 09 AM IST
More Topics: Maytas Infra | Lower circuit | BSE | NSE | Satyam |