GMR Infra slumps almost 4%

GMR Infra had hit a new 52-week high yesterday at Rs.26.85 but today, currently, it is the top loser on the BSE, down to an intra day low at Rs.25.20. The stock is down almost 4% over yesterday’s close.

The stock has slumped today, reacting to the news that its subsidiary, GMR Energy has decided to withdraw its IPO listing. The company, The company had filed a draft red herring prospectus on March 28 with SEBI for an IPO but abruptly, it decided to withdraw this DRHP. Very vaguely, the company has stated that the move to withdraw the proposed IPO is based on various “business reasons”.

Naturally, the market is disappointed as this company, GMR Energy was a lucrative company – it has a portfolio of over 15 power projects, of which 8 are up and about while 7 are in the process of being completed.