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Gammon shares plummet after Delhi Metro accident
Monday, 13 July 2009, 21:41 IST
Mumbai: The shares of infrastructure major Gammon India took a beating Monday with authorities proposing action against the company after a section of the viaduct it was building on behalf of the Delhi Metro Rail Corp collapsed early Sunday killing six people.
Gammon India shares opened lower at 
136.50, against Friday's close at 161.20, and soon fell further to 133, down 17.49 percent. The stock ended the day at 120.50 down 3.33 percent. The 52 week stock price chart is on the left.
The shares of Gammon Infrastructure, another listed firm in which the group has majority stake, also opened lower at 119 and soon hit the lower circuit filter of 118.45.
The reinforced concrete viaduct that collapsed Sunday due to cracks in one of the supporting pillars is meant to carry the elevated rail tracks on which the Metro trains will move.
The Gammon group has been facing flack for a similar accident in 2007, where a flyover in Hyderabad had collapsed, killing two people.
The committee appointed by the Andhra Pradesh government had found Gammon to have been negligent in the Punjagutta flyover mishap case.
Source: IANS
136.50, against Friday's close at 161.20, and soon fell further to 133, down 17.49 percent. The stock ended the day at 120.50 down 3.33 percent. The 52 week stock price chart is on the left.
The shares of Gammon Infrastructure, another listed firm in which the group has majority stake, also opened lower at 119 and soon hit the lower circuit filter of 118.45.
The reinforced concrete viaduct that collapsed Sunday due to cracks in one of the supporting pillars is meant to carry the elevated rail tracks on which the Metro trains will move.
The Gammon group has been facing flack for a similar accident in 2007, where a flyover in Hyderabad had collapsed, killing two people.
The committee appointed by the Andhra Pradesh government had found Gammon to have been negligent in the Punjagutta flyover mishap case.
Source: IANS