Dilip Buildcon tumbles down

Dilip Buildcon is down in the red today morning, falling 2% to hit an intraday low at Rs.575. Its 20% LC for the day is at Rs.468.80.

The company has temporarily restrained Dilip Buildcon and its subsidiary Anandapuram Anakapalli Highways Ltd., and other promoters from participating in any NHAI bids directly or in association (JV) with immediate effect until further order on the findings of the investigation of an accident in Andhra Pradesh.

The company said that, through its SPV i.e. DBL Anandapuram Anakapalli Highways, it was carrying on development, maintenance, and management of National Highway No. 05. While installing the girders for the flyover, it toppled and fell on two vehicles plying underneath, causing death of some of those in the cars. It has duly compensated the families of the deceased persons and persons who have suffered injuries due to the said accident.

The company informed the Authority of the accident at the said Project, and the Authority thereafter constituted an expert committee to investigate the incident and submit its report of the cause and to ascertain to reason of failure leasing to the said incident. The report from the expert committee is still awaited which is anticipated to be prepared by the committee in approximately, coming 2-3 weeks. And till the reports come, the restraining order by NHAI remains.