GMR remains “politically neutral” as stock price shows short-term wobble amid political upheaval
14 Feb 2012, 10:22 PM
Sarah Harvey
The stock price of the Indian infrastructure giant operating Ibrahim Nasir International Airport (INIA) took a tumble on the Mumbai Stock Exchange following the ousting of former president Mohamed Nasheed last week, as images of the unfolding violence were beamed around the world.
GMR has made a US$511 million investment in the Maldives’ international airport. The price of shares in GMR Infrastructure, which was contracted to develop INIA by the previous government, dropped by almost five percent on February 7 following news that fierce clashes between security forces on the streets of capital Male’ had led to Nasheed’s resignation.
GMR’s share prices quickly recovered over the following few days, as Vice President Dr Mohamed Waheed Hassan Manik was sworn in, and rain tempered public demonstrations which on Wednesday turned violent after police attacked a march by members of Nasheed’s Maldivian Democratic Party (MDP).
Speaking on February 11 about foreign investments in the Maldives, Dr Waheed said that foreign investors should not be concerned about the political upheaval affecting their interests in the Maldives, but hinted that some investments may come under scrutiny.
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