GMR Infra hits new low

The promoter is planning to bring down stake to reduce its debt burden and infuse more liquidity in operations

GMR Infrastructure has dipped 8% to Rs 17.60, its record low on back of heavy volumes on the Bombay Stock Exchange.  A combined 13.03 million shares have changed hands on the counter so far against an average 8.5 million shares that were traded daily in past two weeks on both the exchanges

According to media reports GMR Group, which holds 71.43% stake in the company, is planning to bring down stake to reduce its debt burden and infuse more liquidity in operations.

“Global financial services firm Credit Suisse, in its report, had ranked GMR eighth among the top ten corporate houses in India in terms of the size of debt in fiscal 2011-12. GMR Infrastructure had total debt of Rs 33,600 crore in its books at the end of last fiscal,” the report suggests.

The stock opened at Rs 19.35 and hit a high of Rs 19.60 on the BSE.