Within seconds of opening for trade today, GTL Infra hit the 20% lower circuit at Rs.3.14. Turned into a penny stock today, its market cap is at almost Rs.3800 crore. The stock has lost a whopping 44% since the beginning of 2018.

GTL Infra is suffering the collateral damage inflicted by the bankruptcy woes of Aircel.

The company stated yesterday that the impact of Aircel's insolvency will be materially adverse for it. This does make sense as Aircel contributed 43% to GTL’s annual revenue as at 31st March 2017. Currently, as at 8th March 2018, Aircel has overdue outstandings of over Rs.384 crore.