Noida Toll Bridge Company shares dive 20% on HC judgement

Shares of Noida Toll Bridge Company fell sharply by 20% on Thursday after the Allahabad High Court ruled that there will be no toll collected henceforth from those using the 9.2-km-long, eight-lane Delhi-Noida Direct (DND) flyway.

The stock crashed 19.96% to Rs 17.85 — its lower circuit limit as also 52-week low — on BSE.

At NSE, shares of the company tumbled 19.86% to close at Rs 17.75.

The Supreme Court today agreed to hear a plea of Noida Toll Bridge Company Limited challenging Allahabad High Court's order asking it to stop collecting toll from commuters plying on the DND flyway connecting Delhi and neighbouring Noida.

The order was passed as the high court allowed a PIL by the Federation of Noida Residents' Welfare Association.

The PIL, which was filed in 2012, had challenged the "levy and collection of toll in the name of user fee by Noida Toll Bridge Company."