Shares of GMR Infrastructure today plunged nearly 7 per cent to hit a record low on the bourses, after Maldives terminated the USD 500 million contract given to GMR Group for developing the Male Airport.
After making a weak opening, shares of GMR Infra further lost ground and was down 6.94 per cent to Rs 16.75 Ė its record low on the BSE, in an otherwise strong stock market.
At NSE, the stock tumbled 6.68 per cent to an all-time low of Rs 16.75.
The GMR group had won the contract during the regime of former President Mohamed Nasheed.
Reacting to the decision, GMR had said: "In a unilateral and completely irrational move the Government of Maldives has issued a notice to the GMR Male International Airport Ltd (GMIAL) intending to take over the possession and control of the Ibrahim Nassir International Airport (INIA) under the pretext that the agreement is void".
Meanwhile, the fall in the stock was in sharp contrast with a bullish stock market where the BSE benchmark Sensex was trading at 19,052.27, up 210.19 points at 1045 hrs.
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