IVRCL shares slide; company to sell assets
Reuters Market Eye - Shares in IVRCL Ltd (IVRC.NS) 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 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."
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
India will decide on ending government control on diesel pricing after elections in two states next month, an oil ministry source said, even though local prices of the fuel are currently higher than the global rates, making a case for a cut in retail prices. Full Article
India says to defend China border after standoff ahead of Xi visit. Full Article
Climate smart farmers get tech savvy to save India's bread basket. Full Article