GMR Infrastructure is trading lower by 4% at Rs 17.35, hits a record low of Rs 16.75 in early trades after the Maldives government terminated the $500 million airport project to be built at Male.
“The government of Maldives issued a notice to the GMR Male’ International Airport intending to take over the possession and control of the Ibrahim Nasir International Airport, under the pretext the agreement becoming void, was unilateral and irrational,” GMR Infra said in a statement.
“This unlawful and premature notice on the pretext the concession agreement is ‘void’ is without any locus standi and will, therefore, be challenged by the company before competent forums,” it added.
The stock opened at Rs 17.30 and hit a high of Rs 17.70 on the BSE. A combined 11.7 million shares have changed hands on the counter so far on the BSE and NSE.
