IVRCL tanks on NHAI consultant's death

IVRCL's scrip closed at Rs 33 on the BSE, down 19.8% on the previous close of Rs 42

The share price of Hyderabad-based infrastructure firm IVRCL plunged today following a report in an English daily on the death of a National Highways Authority of India (NHAI) consultant said to be overseeing the company’s road project.

IVRCL’s scrip closed at Rs 33 on the BSE, down 19.8 per cent on the previous close of Rs 42.

"Linking the unfortunate incident to us by some sections of the media (though it was only a passing reference) appears to have resulted in our shares being affected adversely and our image being damaged," IVRCL said in a press release.

IVRCL said The Indian Express had reported Paulose Thomas, a consultant of Intercontinental Consultants and Technocrats (ICT), had died in circumstances that are being probed.

ICT is said to have been entrusted by National Highways Authority of India to oversee the quality of work on the four/six laning of NH- 47 from Chengapalli, near Coimbatore, to Walayar on the Tamil Nadu-Kerala border. This incident seems to have taken place 45 days ago.

"We categorically deny any knowledge of this incident and would like to mention that in unequivocal terms that we are totally unconnected," the company said.

The project in question is being executed by IVRCL Chengapalli Tollway Limited, a subsidiary of the company, on a BOT (build, operate and transfer) basis.

Currently, IVRCL has under its portfolio 11 highway projects in various stages of development and operation. These include three toll projects, which are under operation. On the whole, the company is involved in development and operation of 4,340 km stretch of highways.