GVK Power sheds nearly 3% after arm terminates concession agreement with NHAI

GVK-POWER

Shares of GVK Power & Infrastructure declined nearly 3 percent intraday on September 17 after the company’s arm terminated a concession agreement with NHAI.

GVK Deoli Kota Expressway (GVKDKEPL) a subsidiary company had issued notice of termination to National Highway Authority of India (NHAI) for termination of the concession agreement on account of material breach and defaults on the part of NHAI.

GVKDKEPL has handed over the toll operations of the said project to the NHAI.

At 0946 hrs, GVK Power & Infrastructure was quoting at Rs 4.65, down Rs 0.13, or 2.72 percent on the BSE.

The share touched its 52-week high of Rs 10.84 and its 52-week low of Rs 4.16 on 17 September, 2018 and 04 September, 2019, respectively.

Currently, it is trading 57.1 percent below its 52-week high and 11.78 percent above its 52-week low.

News Source: MoneyControl

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