Maytas hits lower circuit 12th straight day | business | Hindustan Times
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Maytas hits lower circuit 12th straight day

business Updated: Jan 23, 2009 11:32 IST

Maytas Infra on Friday plunged nearly five per cent on the Bombay Stock Exchange, continuing the nosedive for the 12th consecutive trading session, amid the company seeking a month's extension for announcing its December-quarter results.

Shares of Maytas Infra dipped 4.98 per cent in the opening trade, hitting the lower circuit at Rs 90.65 on BSE.

A similar fate was faced by the battered firm on the National Stock Exchange, where the stock opened down 4.99 per cent at Rs 90.40.

On Thursday, Maytas Infra has sought an extension of the date for announcing its third-quarter results by a month, citing the ongoing investigations by various agencies into the Satyam scandal as also its own operation.

Maytas Infra, promoted by former Satyam Computer Chairman B Ramalinga Raju's family, was required to announce its third-quarter results by the end of this month.

Marketmen said the Satyam-bitten Maytas' stock would continue to witness such down slides as there is no certainty about the performance of the company.

Meanwhile, the Maharashtra government had on Wednesday cancelled a Rs 480-crore order awarded to the company, citing irregularities in the tender process.

Various agencies, including the state Criminal Investigation Department, have been probing the Maytas affair after B Ramalinga Raju admitted to committing serious financial fraud in Satyam Computer.

Since the firm has been promoted by Ramalinga Raju and his family, Maytas has come under scanner, particularly in relation to the major infrastructure projects it secured from the Andhra Pradesh government.

Also, there were allegations that funds from Satyam were diverted to Maytas, causing government agencies to verify the infrastructure company's records as well.