Shares of GTL Infrastructure slumped as much as 20 per cent in morning trade today after it said the impact of Aircel’s insolvency will be materially adverse for the company.
Shares of the company plunged 19.85 per cent to a low of Rs 3.11 on the BSE. On the NSE, the stock fell 19.21 per cent to touch its 52-week low of Rs 3.15.
The stock has fallen by 57 per cent since the start of this year.
On March 1, 2018, Aircel surprisingly and unexpectedly filed for bankruptcy before the National Company Law Tribunal, Mumbai (NCLT) with an intent to undertake a resolution plan.
“Given that Aircel contributed 43 per cent of the revenues of the company as on March 2017, the …
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