Troubled Maytas Infra struggles to trade on bourses

Troubled Maytas Infra struggles to trade on bourses
PTI
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First Published: Thu, Jan 15 2009. 11 30 AM IST
Updated: Thu, Jan 15 2009. 11 30 AM IST
Mumbai: Shares of the tainted Raju family-promoted Maytas Infra on Thursday fell by another 5% and got stuck at the lower circuit for the sixth consecutive trading session after news surfaced that a high-level probe would be ordered into the projects sanctioned to the firm.
Maytas Infra opened at Rs123.15 on the Bombay Stock Exchange. Just after opening, it touched lower circuit at Rs123.15, down 4.98% to stop trade.
Similar fate was seen on the National Stock Exchange, where the scrip touched an intra-day low of Rs122.90, down 4.99%. More than 2,016 shares changed hands on the bourses. Marketmen said, “The Satyam scam is haunting the stock and till the time a clear picture comes out the scrip is likely to remain under pressure and investors would continue to exit the counter. Besides, Maytas share price is yet to discount negative news.”
Claiming that Rs30,000 crore worth of projects were granted to Maytas companies by the Congress government in Andhra Pradesh, the CPI(M) has asked the Centre to order a high-level probe into all projects sanctioned to the firms run by the family of former Satyam chief Ramalinga Raju.
However, Sajjan Jindal-led JSW Group is not planning to cancel the Rs100-crore order given to Maytas Infra, as it is happy with the progress made by the firm on construction of two township projects.
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First Published: Thu, Jan 15 2009. 11 30 AM IST
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