Business IdeasGammon India rebounds in late trades, gains 3%
The stock erased all its losses and rebouned in to the positive in late trades. The stock finally ended at Rs 166, up 3%.
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The counter witnessed trades of 1.44 million shares as against the two-week daily average traded volumes of 117,498 shares on the BSE.
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(Updated at 1250hrs)
Shares of Gammon India today fell over 17% in morning trade on the Bombay Stock Exchange following an accident at Delhi Metro at a stretch for which the company was the contractor.
Gammon India opened weak on the BSE and plunged further to a low of Rs 133, down 17.49% over the previous close on the exchange.
Similar movement was witnessed in the National Stock Exchange, where the scrip dipped 19.44 % to a low of Rs 130.15. On the volume front, over 9.80 lakh shares got traded on both the bourses.
Six persons were killed and 15 others injured when an under-construction bridge of the Delhi Metro collapsed in the national capital yesterday.
Marketmen said investors became jittery on concerns that Gammon India, which was acting as the contractor for the project, would now be pulled up by the authorities for the worst mishap involving the modern transport system.
Besides, DMRC Chief E Sreedharan had said he would decide on the action to be taken against Gammon India after taking stock of the entire situation.
The stock is now trading at Rs 143, down 11.5%. The counter has witnessed trades of 421,873 shares on the BSE so far.