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GVK Power slips after subsidiary hands over toll operations to NHAI

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GVK Power & Infrastructure fell 2.72% to Rs 4.65 after the company said that its subsidiary, GVK Deoli Kota Expressway, handed over its toll operations to National Highway Authority of India.

GVK Power & Infrastructure earlier announced that GVK Deoli Kota Expressway (GVKDKEPL), a step-down subsidiary of GVK Power & Infrastructure, had exercised its right and issued a 'notice of termination' in terms of Article 37.2.2 of the concession agreement dated 17 May 2011 to the National Highways Authority of India (NHAI) for termination of the concession agreement on account of material breach and defaults on the part of NHAI. In continuance with the above, GVKDKEPL has handed over the toll operations of the said project to the NHAI on 16 September 2019. The announcement was made after trading hours yesterday, 16 September 2019.

Shares of GVK Power & Infrastructure fell 5.10% in two trading sessions to its current market price of Rs 4.65, from a recent closing high of Rs 4.90 on 13 September 2019.

On BSE, 3,480 shares were traded in GVK Power & Infrastructure counter, compared to a 2-week average of 1.68 lakh shares. The stock hit an intraday high of Rs 4.75 and an intraday low of Rs 4.65.

It hit a 52-week high of Rs 10.84 on 17 September 2018 and a 52-week low of Rs 4.16 on 4 September 2019.

On a consolidated basis, GVK Power & Infrastructure reported a net loss of Rs 134.30 crore in Q1 June 2019 compared with a net loss of Rs 76.26 crore in Q1 June 2018. Net sales declined 4.2% to Rs 989.45 crore in Q1 June 2019 over Q1 June 2018.

GVK Power & Infrastructure operates in energy, airports, transportation and has presence in other business, such as resources and urban infrastructures.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 17 2019. 10:14 IST