Reliance Infra shares down on Delhi airport metro closure
In an interview to NDTV Profit, Jamal Mecklai, CEO of Mecklai Financial, speaks about how the currency market is going to perform ahead.
Shares in Anil Ambani promoted Reliance Infra were the top losers on the 50-share Nifty index Monday. The company has suspended operations on the high-speed Airport Express metro line it operates in the capital for repairs.
At 10.10 a.m., the stock traded 2.2 per cent lower at Rs 558.15 on the BSE, while the broader Sensex benchmark was down 0.3 per cent to 17,474.
On Friday, Reliance Infrastructure, which operates the 23-km showcase corridor, had announced that it would close down the line till the repairs are done in view of safety of passengers. The Rs 3,000 crore project comprised Rs 2,200 crore in debt and Rs 800 crore in equity. Reliance Infra's average quarterly income from the Delhi Metro is Rs 12-15 crore.
The repairs on the line are expected to be completed by the end of August after which the line will be re-opened to public. The line has to be re-certified by the Commissioner of Metro Rail Safety before it begins commercial operations.
A committee comprising officials from the Indian Railways, Delhi Metro and Reliance Infrastructure is going into the nature of defects and would submit a report within the next 10 days after which rectification works would be carried out. The government has said there were problems with the bearing which is the interface between the pillar and girder.
(With PTI inputs)
