DMRC’s Sreedharan takes back resignation

DMRC’s Sreedharan takes back resignation
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First Published: Mon, Jul 13 2009. 11 29 PM IST
Updated: Mon, Jul 13 2009. 11 29 PM IST
New Delhi: Delhi Metro Rail Corp. Ltd’s (DMRC) managing director E. Sreedharan has withdrawn his resignation from the post after chief minister Sheila Dikshit asked him to continue with his responsibilities.
The 77-year-old technocrat offered to quit within hours of an accident at one of the construction sites of Delhi Metro on Sunday. The accident, DMRC’s worst ever, claimed six lives and wounded many others.
In Mumbai, shares of Gammon India Ltd, the company contracted by DMRC to build the bridge, tumbled by nearly one-fifth on Monday in the wake of the mishap. The stock, however, recovered to end the day at Rs165.60, up 2.73%.
“It’s not that great a stock to buy, every now and then something goes wrong,” Shailesh Kanani, analyst at Angel Broking. “There are many better plays for infrastructure.”
An under-construction flyover by Gammon India had partially collapsed in Hyderabad in September 2007.
The company said it would reserve comment until a government committee returned with the results of its investigation into the accident.
“The committee is investigating into the cause. Let the committee come out with a report and then we will comment,” Gammon India’s vice- president, R.L. Telang told ‘Reuters’ over the telephone.
A committee has been formed to probe the incident and it will submit a report in 10 days, urban development minister S. Jaipal Reddy, said in parliament on Monday.
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First Published: Mon, Jul 13 2009. 11 29 PM IST