Gayatri Projects plunges 28% in two days on invocation of pledged shares

On November 15, the rating agency CARE revised the ratings of long-term and short-term bank facilities of Gayatri Projects to 'CARE D', due to delay in servicing debt obligations.

Shares of Gayatri Projects hit an over four-year low of Rs 62.5, and were locked in the lower circuit band of 10 per cent on the BSE on Friday, after the lenders to the company invoked pledged shares.

The stock of construction & engineering company tanked 28 per cent in past two trading days, and was trading at its lowest level since July 2015. Till 10:27 am, a combined 577,855 shares have changed hands, with pending sell orders for 120,003 shares on the NSE and BSE.

The lenders invoked 50,397 pledged shares of the promoters on November 18, data rpfovided by the