IVRCL shares extend losses after Kolkata flyover collapse

IVRCL shares extended losses for the second straight day on Friday after a portion of the flyover being built by the company in Kolkata collapsed. The share price of the company plunged 9.70 per cent to Rs 5.77 on Friday. The scrip dipped 6 per cent in Thursday’s trade.

Around 21.82 lakh shares of IVRCL exchanged hands on the BSE on Friday as compared with two-week average daily volume of 3.07 lakh shares.

The incident happened at around noon on Thursday at the busy Rabindra Sarani-K K Tagore Street crossing near Burra bazar, the trading hub and one of the most congested areas in the city.

In a BSE filing, IVRCL said, Such an incident has occurred for the first time in the company’s history. In the Vivekananda Flyover project 59 sections with a total length of about 0.9 km have been completed successfully so far. All necessary process and quality steps have been taken as per standard operating procedure and after obtaining all clearances. The collapsed section is the 60th.”

For the quarter ended December 2015, the company reported net loss of Rs 303.85 crore, down 76.99 crore, against net loss of Rs 171.68 crore in the same quarter last year.

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