Maytas Infra dips 5 pc; hits lower circuit again
Maytas Infra, the tainted Raju family-promoted company, on Wednesday again got stuck in the lower circuit after dipping nearly five per cent on the bourses.business Updated: Jan 14, 2009 11:22 IST
Maytas Infra, the tainted Raju family-promoted company, on Wednesday again got stuck in the lower circuit after dipping nearly five per cent on the bourses.
Shares of Maytas dipped 4.99 per cent to touch its intra-day low of Rs 129.60 on the Bombay Stock Exchange, while on the National Stock Exchange the scrip dropped 4.99 per cent to touch its lower circuit at Rs 129.35.
Commenting on this, Ashika Stock Brokers Research Head Paras Bothra said: "The stock price at present is over valued and is hitting lower circuit everyday during the trade in order to discount the negative news."
"This trend will continue until the stock comes to its real valuations," Bothra added.
Meanwhile, the Satyam scam has given rise to a political battle with parties like Congress and BJP trading charges following reports that former Andhra Pradesh Chief Minister Chandra Babu Naidu bailed out Satyam about six years ago a role the TDP chief strongly denied having played.
BJP spokesperson Ravi Shankar Prasad has hit back by asking why no action was taken for the last five years. "First and foremost, who had given the political patronage to the Satyam promoters is important."
Another party spokesperson Rajiv Pratap Rudy asked: "What is most important is why was Maytas Infrastructure given huge projects by the Andhra Pradesh government?"
The government has ordered inspection by the Registrar of Companies, Hyderabad, into eight subsidiaries of Satyam Computer, Maytas Infra and Maytas Properties, the companies promoted by the kin of Satyam ex-chairman B Ramalinga Raju.
The government has, however, said it will not dissolve the boards of Maytas Infra and Maytas Properties, the companies whose acquisition deal by Satyam, for $1.6 billion, was aborted following shareholder outcry.