GTL, GTL Infra shares nosedive on selling pressure

MUMBAI: Continuing their decline for the seventh consecutive session, shares of telecom infrastructure firms GTL and GTL Infra fell by up to 5 per cent on the BSE today, hitting new lows amid concerted selling pressure.

Shares of GTL plunged by 5 per cent to hit a 52-week low of Rs 110.20 on the BSE, while GTL Infra touched an all-time low of Rs 14.95, down 5 per cent from the previous close.

The fall comes amid rumours that the company's promoters have pledged more than 50 per cent of their stake, which the company has denied, saying that neither the promoters nor entities related to the promoters have sold any shares, including shares that have been pledged.

During the last seven days, the market valuation and share price of both companies has declined sharply.

Meanwhile, the BSE benchmark Sensex was trading higher by 81.50 points at 17,632.13 at 1050 hours.