Kolkata police team visit IVRCL office, company shares tank

  • Agencies, Hyderabad
  • Updated: Apr 01, 2016 21:27 IST

A team of Kolkata police is in Hyderabad at the office of IVRCL, the firm building the flyover in Kolkata that collapsed on Thursday killing 24 people and injuring many others.

A four-member team reached the company headquarters located in posh Banjara Hills around 3 pm for questioning the company officials. They were being assisted by local police.

It was not clear if the top management was present in the office. Sources said the team is going through files and the relevant material as part of the investigations.

The company officials had earlier told media that they have no information about the Kolkata police team reaching Hyderabad.

“Nobody has contacted us,” said IVCRL’s group head, HR and administration, K Panduranga Rao.

He had also said that their technical persons and legal experts left for Kolkata Friday morning.

“We will extend all cooperation in the investigations,” he said.

Shares tank

The company’s shares came under heavy selling pressure for the second consecutive day, plummeting nearly 12%, after a portion of a flyover being built by the company in Kolkata collapsed, killing at least 24 people and injuring scores.

The stock plunged 9.70% to settle at Rs 5.77 on BSE. Intra-day, it tumbled 11.11% to Rs 5.68 -- its 52-week low.

On NSE, shares of the company dived 11.71% to close at Rs 5.65.

On the volume front, 21.82 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day.

In the previous session, the stock had lost 6% following the news.

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