India's Gayatri Projects cracks on report highways authority barred co from bids

Gayatri Projects

11/06/2021 06:16

** Shares of infrastructure firm  GAPR.NS  tumble 19% to
30.55 rupees, their lowest since May 20 
    ** India's highways agency declares GAPR a non-performer and
temporarily bars co's participation in ongoing and future bids -
The Hindu Business Line report https://www.thehindubusinessline.com/companies/nhai-declares-gayatri-projects-as-non-performer/article34781805.ece
 on Thursday
    ** GAPR repeatedly violated conditions of a contract
agreement for making four lanes in a stretch in the northern
state of Uttar Pradesh - report
    ** GAPR, in which Singapore sovereign wealth fund GIC holds
a 3.74% stake, did not immediately respond to a request for
comment
    ** Stock marks biggest intra-day pct loss since Nov. 2019
    ** About 5.6 mln shares change hands by 0458 GMT, vs 30-day
avg of 1.2 mln shares
    ** Stock down 3.8% YTD up to last close, vs a more than 12%
rise in the benchmark NSE Nifty 50  .NSEI 

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))