Mumbai, July 13 (Inditop.com) The shares of infrastructure major Gammon India took a beating Monday with authorities proposing action against the company after a section of the viaduct it was building on behalf of the Delhi Metro Rail Corp collapsed early Sunday killing six people.
Gammon India shares opened lower at Rs.136.50, against Friday’s close at Rs.161.20, and soon fell further to Rs.133, down 17.49 percent.
The shares of Gammon Infrastructure, another listed firm in which the group has majority stake, also opened lower at Rs.119 and soon hit the lower circuit filter of Rs.118.45.
The reinforced concrete viaduct that collapsed Sunday due to cracks in one of the supporting pillars is meant to carry the elevated rail tracks on which the Metro trains will move.
The Gammon group has been facing flack for a similar accident in 2007, where a flyover in Hyderabad had collapsed, killing two people.
The committee appointed by the Andhra Pradesh government had found Gammon to have been negligent in the Punjagutta flyover mishap case.
