Gallantt Ispat hits 52-week low

The stock hit a 52-week low of Rs 272, slipping 38% in past three trading sessions on BSE.

Gallantt Ispat tanked 20% to Rs 272.35, also its 52-week low on BSE, after the company said that the Uttar Pradesh government may buy its land for proposed Gorakhpur metro rail project.

The company was responding to queries sent by the exchanges on local media reports about its role in the proposed metro rail project for Gorakhpur.

Gallant Ispat said that the proposed metro railway project has a relevance to the company as the route declared by Gorakhpur Development Authority in newspapers would pass through the company-owned land.

"If the detailed project report (DPR) is cleared by the union urban development ministry and clearance from finance, railways and civil aviation departments are received, government may acquire the land of the company," Gallantt Ispat said in a BSE filing.

Gallant Ispat manufactures iron and steel products such as sponge iron, pellets, pig iron, cast iron, bars, rods, billets and is also engaged in wheat products business.

In past three trading sessions the stock slipped 38% from Rs 440 on March 31, as compared to 0.8% rise in the S&P BSE Sensex.

At 11:00 am; the stock was down 19% to Rs 275 against 0.37% decline in the benchmark index. A combined 167,333 shares changed hands on the counter on BSE and NSE so far.