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Maytas struggles to trade on bourses

Shares of Maytas fell by another 5 pct and got stuck at the lower circuit for 6th consecutive trading session.

Written by Agencies | Mumbai |
January 15, 2009 11:15:52 am

Shares of the tainted Raju family-promoted Maytas Infra on Thursday fell by another five per cent and got stuck at the lower circuit for the sixth consecutive trading session after news surfaced that a high-level probe would be ordered into the projects sanctioned to the firm.

Maytas Infra opened at Rs 123.15 on the Bombay Stock Exchange. Just after opening,it touched lower circuit at Rs 123.15,down 4.98 per cent to stop trade.

Similar fate was seen on the National Stock Exchange,where the scrip touched an intra-day low of Rs 122.90,down 4.99 per cent. More than 2,016 shares changed hands on the bourses.

Marketmen said,”The Satyam scam is haunting the stock and till the time a clear picture comes out the scrip is likely to remain under pressure and investors would continue to exit the counter. Besides,Maytas share price is yet to discount negative news.”

Claiming that Rs 30,000 crore worth of projects were granted to Maytas companies by the Congress government in Andhra Pradesh,the CPI(M) has asked the Centre to order a high-level probe into all projects sanctioned to the firms run by the family of former Satyam chief Ramalinga Raju.

However,Sajjan Jindal-led JSW Group is not planning to cancel the Rs 100-crore order given to Maytas Infra,as it is happy with the progress made by the firm on construction of two township projects.

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