Moneycontrol Be a Pro
Get App
Last Updated : Jun 19, 2019 12:39 PM IST | Source: Moneycontrol.com

IRB Infra hits 5-year low, falls 14%

The stock has touched a day's low of Rs 89.60, which was last seen in March 2014

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

IRB Infrastructure Developers shares fell 14 percent intraday to hit more than five-year low on June 19 after a media report indicated that there could be a new operator for Mumbai-Pune Expressway.

The stock has touched a day's low of Rs 89.60, which was last seen in March 2014. At 1219 hours IST, it was quoting at Rs 92.95, down Rs 11.55, or 11.05 percent on the BSE.

"The National Highways Authority of India (NHAI) plans to find a new operator for the Mumbai-Pune Expressway, one of the country’s busiest, with the agreement with IRB Infrastructure Developers set to end in August. NHAI expects the new deal will value the expressway at $1-1.2 billion (Rs 7,000-8,000 crore)," The Economic Times said quoting two people close to the development.

Close

Moneycontrol has not verified this report independently.

The report further said the Mumbai-Pune Expressway project—operated on a build-operate-transfer (BOT) model—contributed the highest revenue of Rs 918 crore in FY19 to the state-run authority, followed by the Ahmedabad-Vadodara Expressway at Rs 429 crore.

IRB Infrastructure told CNBC-TV18 that it will rebid Mumbai-Pune project in August as it contributed 13 percent to FY19 revenues.

The Mumbai-based infrastructure developer bagged this expressway project in 2014 for Rs 950 crore.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Jun 19, 2019 12:39 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant