IRB Infrastructure Slips As MSRDC Terminates Concession Agreement
Shares of IRB Infrastructure developers fell as much as 3 per cent to hit the intraday low of Rs 241 after the corporation publish market hours on Friday said that the Maharashtra State road progress manufacturer (MSRDC) has terminated concession agreement for Mumbai-Pune section II undertaking.
IRB Infrastructure mentioned that its thoroughly owned subsidiary Mhaiskar Infrastructure Pvt Ltd had entered right into a concession contract with MSRDC in October 2014 for Mumbai-Pune section II task. Nevertheless, MSRDC might not furnish quintessential work order to begin construction for Mumbai Pune segment II assignment as per concession contract, IRB Infra said.
MSRDC had issued the letter of award in September 2014 to the enterprise for the operation and upkeep of Yashwantrao Chavan throughway and a Mumbai-Pune section of NH-four.
As of 1:forty-seven p.M., shares of IRB Infrastructure traded 2.Sixty three per cent scale back at Rs 242.70, underperforming the Nifty which was up zero.26 per cent.
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