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| Gammon India rebounds, up 10% |
| BS Reporter / Mumbai Jul 29, 2009, 16:10 IST |
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The stock rebounded sharply in to the positive zone and zoomed to a high of Rs 176, up 35% from the day's low.
The scrip finally settled at Rs 163, up 10% from the previous close.
Around 2.22 million shares were traded as compared to the two-week daily average traded volumes of 360,166 shares on the BSE.
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(Updated at 1112hrs)
Gammon India has dropped in early trades after Delhi Metro served a show-cause notice to the constuction giant.
The stock opened at Rs 145 and tumbled 13% to a low of Rs 130. It has recovered partially and is now down 5% at Rs 141. The counter has clocked relatively heavy volumes of 666,991 shares as against its two-week daily average trade of 360,166 shares on the BSE so far.
In the process, the stock dropped 38% from a high of Rs 178 on July 13, after the mishap, to a low of Rs 118 yesterday.
The company has been served a show cause notice by the Delhi Metro Rail Corporation (DMRC), asking it to state why it should not be banned for two years and debarred for bidding contracts under phase IV of the project. This comes a little over a month after an accident at the site claimed six lives and prompted DMRC chief, E Sreedharan to submit his resignation. The probe panel has held Gammon India respondible for the mishap.
Also read: HC issues notice to Gammon India
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