GMR plunges 8% on heavy volumes

The stock slipped further to a low of Rs 140, down 12.5% from the day's open. It finally ended with a loss of 9% at Rs 142. The counter witnessed a two fold increase in trading volumes to 8.14 million from its two week daily traded average of 4.22 million.
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(Updated at 1232 hrs)

GMR Infrastructure has slipped following a discount in pricing of the QIP's issue.

The stock opened in the green at Rs 160 but soon slipped 10% from the day's open to touch a low of Rs 144. It is now trading 7% lower at Rs 145. The counter has seen hectic trading and so far 3.2 million shares  have been traded on the BSE.

The stock had run up 13% yesterday to close at Rs 155 on heavy volumes of 16.07 million shares, ahead of the pricing of the issue.

Late evening, yesterday, the infrastructure major fixed a floor price of Rs 142 per issue of its qualified institutional placement issue. The company will raise funds upto Rs 5,000 crore.