Shares of Maytas Infrastructure, a company promoted by the Raju family fell by five per cent on the bourses, after Andhra Pradesh Chief Minister Rajasekhara Reddy said the state government is reviewing the ability of the company to carry out the work awarded to it.
Shares of the company got stuck at Rs 143.55, after a fall of five per cent, its intra-day low on the Bombay Stock Exchange. Meanwhile, on the National Stock Exchange the company skid 4.97 per cent to touch its intra-day low of Rs 143.30.
Marketmen said the Andhra Pradesh Chief Minister statement that the Chief Secretary would review all the projects in the wake of Satyam’s fraud to find out their (Maytas) ability to complete the awarded projects on time, dampened investor sentiment.
On the volume front more than 717 shares changed hands on the bourses.
On Sunday, Reddy had said Maytas and its joint venture partners together have been awarded Rs 13,000-crore worth of works out of Rs 38,000 crore Pranahita-Chevella lift irrigation project.
The company was already implementing irrigation projects at a cost of Rs 3,000 crore and had completed Rs 1,748 crore worth irrigation work in the state.
Maytas consortium was awarded Rs 12,000-crore Hyderabad Metro Project and Rs 1,200-crore Machilipatnam Sea Port project by the state government.
The Hyderabad Metro project is expected to announce its financial closure by March 2009, while Sea Port project will take about six months for the same.