MARKET EYE-India's IVRCL shares slide; company to sell assets

Tue Jan 29, 2013 4:42pm IST

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A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

* Shares in IVRCL Ltd slumped 8.9 percent on Tuesday,
bringing its monthly fall so far to 28.5 percent, on continued
speculations that the construction firm was facing funding
challenges.
* IVRCL shares fell even as a senior executive told a TV news
channel the company was looking to raise 4 billion rupees
($74.20 million) by the end of March by selling assets.
* "Funding shortage is there, but we have already initiated the
sale of some assets," said R Balarami Reddy, chief financial
officer of IVRCL, in an interview to news channel ET Now.
* "Once it comes to the final stage we will announce."

 (abhishek.vishnoi@thomsonreuters.com /;
aditi.shah@thomsonreuters.com)
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