GMR shares dip on back of Civil Court ruling against airport development charge
10 Dec 2011, 3:49 PM
GMR shares on the Mumbai stock exchange fell 7.57 percent on Thursday on the back of a Civil Court ruling in the Maldives against its proposed US$25 Airport Development Charge (ADC), India’s Economic Times reported.
The paper earlier reported that the share slip had taken the company to a 52-week low, and that that the decision could leave the airport development project facing an annual funding shortage of US$25 million.
GMR said yesterday that it had yet to receive a copy of the Civil Court’s judgement and was only aware of the ruling through media reports.
“We are yet to receive the copy of the judgment and as such we are not in a position to evaluate the implications of the ruling,” the company said in a statement.
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