Maytas Infra struggling for 8th straight day
Shares of the Raju family promoted Maytas Infra once again opened on a negative note to hit lower circuit for the eighth consecutive trading session.business Updated: Jan 19, 2009 12:21 IST
Shares of the Raju family promoted Maytas Infra once again opened on a negative note on Monday to hit lower circuit for the eighth consecutive trading session.
Shares of the company opened weak at Rs 111.20 then fell further and got stuck at its lower circuit on the Bombay Stock Exchange. Similar fortune was seen on the National Stock Exchange, where the stock opened at Rs 110.95 which is also its lower circuit. A total of 977 shares got traded on the bourses.
The fall in the stock will not stop unless and until a clear picture on Satyam Computer surfaces, for now the stock will not react to any short term positive news, marketmen said.
Yesterday, the Andhra Pradesh government has asserted that it would not cancel the projects awarded to Maytas Infra, promoted by the family of disgraced Satyam founder B Ramlinga Raju, in haste and ruled out any probe into these projects.
State Finance Minister K Rosaiah also ruled out any probe into Maytas projects saying there was no necessity.
Referring to the Rs 12,132 crore Hyderabad Metro Rail Project, the minister said the government could cancel the agreement entered into with the Maytas led consortium only if the company fails to achieve financial closure as stipulated by March this year.
However, the Communist Party of India (M) General Secretary Prakash Karat in a letter to Prime Minister Manmohan Singh has urged to extend the scope of investigation into the Satyam scam to other group entities, including Maytas.