Moneycontrol PRO

GTL stocks take beating but de-rating unlikely

There is a possibility that the company's tower deal will not go through. GTL was down 15% on Friday also. GTL is holding 37% stake in GTL Infra.

June 20, 2011 / 06:51 PM IST
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Moneycontrol Bureau
Shares of GTL and GTL Infra saw heavy selling pressure in the morning, which plummeted the stock 60% and 40% to Rs 138 and Rs 18, respectively. This came on the back of the company's higher debt, scrapping of fund raising plan and the Mauritius government's tax treaty plan with India.
Manoj Tirodkar, CMD of the company told CNBC TV18 that it was purely the speculative environment that led to the sharp fall in stock price.