Lanco drops bid plan for Premier Coal

Indian construction and energy conglomerate Lanco Infratech Ltd has dropped plans to bid for assets of Australia8217;s Premier Coal,Executive Chairman L. Madhusudhan Rao saidon Wednesday,sending the firm8217;s shares tumbling.

The company had earlier said it was considering a bid for the Australian firm,owned by coal-to-retail conglomerate Wesfarmers .

However,Lanco is looking at foraying into power plant equipment manufacturing,Madhusudhan said.

Lanco shares hit their lowest level since May 2009 falling to 30.40 rupees in a weak Mumbai market.