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IVRCL shares slide; company to sell assets

Source : REUTERS
Last Updated: Tue, Jan 29, 2013 11:53 hrs

Reuters Market Eye - 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 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)




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