Gammon Infra Projects Slips on Non Re-Payment of Loan

Share of Gammon Infrastructure Projects fell nearly 6 per cent to hit intraday low of Rs 12.75 in the morning deals on news report that the company failed to service its debt obligations by defaulting on the loan repayment.

 

Gammon Infrastructure Projects failed to repay its loan instalment which it took for Mumbai Port Trust's (MPT) container terminal project, the report suggests.

 

In the recently concluded board meet the company informed the Bombay Stock Exchange that it has accepted resignation of G Sathis Chandran as the company secretary and compliance officer and the board has also approved allotment of 15,000 equity shares of Rs 2 each under the employee stock option scheme.

 

Reacting to the news, the share of Gammon Infra came under selling pressure. However, its share recovered towards closing and ended 1.48 per cent higher at Rs 13.75 apiece.