High volatility in Maytas Infra as govt to supersede board
Shares of Maytas Infrastructure witnessed heavy volatility Wednesday after the government moved the Company Law Board to supersede the boards of the infrastructure firm.
By ET Bureau |
MUMBAI: Shares of Maytas Infrastructure witnessed heavy volatility Wednesday after the government moved the Company Law Board to supersede the boards of the infrastructure firm.
After hitting the lower circuit in early trade, the scrip bounced back as investors lapped up shares at lower levels. At 12:40 pm, the shares again gave up gains and were trading at Rs 53.20, down 1.2 per cent.
According to analysts, the stock attracted punters which explained the huge volumes as well and high volatility. Furthermore, the news of the government moving the Company Law Board to sack Maytas boards would help in clarifying the current and real status of the companies concerned.
The Company Law Board is expected to take a decision on the petition of the government after hearing the counsel of the two Maytas companies, which had filed a caveat with it about a week ago to prevent the government from seeking any ex-parte decision in the case.
After hitting the lower circuit in early trade, the scrip bounced back as investors lapped up shares at lower levels. At 12:40 pm, the shares again gave up gains and were trading at Rs 53.20, down 1.2 per cent.
According to analysts, the stock attracted punters which explained the huge volumes as well and high volatility. Furthermore, the news of the government moving the Company Law Board to sack Maytas boards would help in clarifying the current and real status of the companies concerned.
The Company Law Board is expected to take a decision on the petition of the government after hearing the counsel of the two Maytas companies, which had filed a caveat with it about a week ago to prevent the government from seeking any ex-parte decision in the case.
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