Shares of GMR Infra slipped 2% to Rs 19.40 after the Singapore High Court directed it to vacate Male Airport which it has been running since over a year. Analysts believe, the development will impact stock valuations in the interim as the company's domestic power, roads and airports businesses are already under pressure.
GMR has said, it will speak on future course of action only after reviewing the entire issue.
The issue of GMR likely to lose the Male Airport contract surfaced in March this year, when the new government came to power in Maldives. The newly formed government headed by Mohammed Waheed alleged that GMR had won the Male Airport upgradation project through unfair means and hence it will not let the company run the airport.
In its turn, GMR had said that it won the contract through an international bidding process overseen by the World Bank-affiliated body International Finance Corporation in the most transparent manner.
Post Q2 earnings announcement, GMR also said that it catered to over six lakh passengers in the July-Sept quarter and earned Rs 3043 million from operations at the airport. In fact, GMR has in the past said that the project is a profitable venture, unlike
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