Maytas Infra hits lower circuit for 8th straight day

MUMBAI - Shares of Maytas Infrastructure were beaten out of proportion with the stock hitting the lower circuit for the eighth consecutive session on Monday. At 11:45 am, the stock was at Rs 111.20, down 4.96 per cent.

Analysts feel that the fate of the stock will hang in the balance unless there is any clarity on the Satyam Computer debacle and will not see any upside even on any short term positive news.

On Sunday, the Andhra Pradesh government asserted that it would not cancel the projects awarded to Maytas Infra, promoted by the family of disgraced Satyam founder B Ramlinga Raju, in haste and ruled out any probe into these projects. State Finance Minister K Rosaiah also ruled out any probe into Maytas projects saying there was no necessity.

Referring to the Rs 12,132-crore Hyderabad Metro Rail Project, the minister said the government could cancel the agreement entered into with the Maytas-led consortium only if the company fails to achieve financial closure as stipulated by March this year.