MUMBAI Jan 10 Shares in Indiabulls Power Ltd
and Bharat Heavy Electricals Ltd dropped on
Thursday after Barclays Capital and Citigroup warned two thermal
power projects the two companies were involved with could have
been held up.
Barclays Capital and Citigroup both cited a report from the
Central Electricity Authority under the Ministry of Power,
highlighting that Indiabulls's projects at Nashik and Amravati
in Maharashtra state had been held up due to "suspension of
payments by financiers".
BHEL is a key supplier to Indiabulls on the two projects,
according to these analysts.
BHEL and Indiabulls were not immediately available for
BHEL shares were down 1.9 percent as of 0615 GMT; while
Indiabulls shares were down 4.4 percent.
(Reporting by Abhishek Vishnoi and Manoj Dharra; Writing by
Rafael Nam; Editing by Prateek Chatterjee)