IVRCL tumbled 9.86% to Rs 5.76 at 15:22 IST on BSE, with the stock extending Thursday's slide after an underconstruction flyover project being executed by the company in Kolkata suffered an accident.
Meanwhile, the S&P BSE Sensex was down 40.96 points or 0.16% at 25,300.90.
The stock tumbled on heavy volumes. On BSE, so far 20.91 lakh shares were traded in the counter as against average daily volume of 3.43 lakh shares in the past one quarter. The stock hit a low of Rs 5.68 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 6.20 so far during the day. The stock had hit a 52-week high of Rs 17.20 on 10 April 2015. The stock had underperformed the market over the past one month till 31 March 2016, sliding 9.36% compared with Sensex's 10.17% rise. The scrip had also underperformed the market in past one quarter, declining 30.92% as against Sensex's 2.97% fall.
The small-cap company has equity capital of Rs 145.74 crore. Face value per share is Rs 2.
Shares of IVRCL have fallen 15.16% in two trading sessions from its close of Rs 6.79 on 30 March 2016. The stock had declined 5.89% to settle at Rs 6.39 yesterday, 31 March 2016. IVRCL after market hours yesterday, 31 March 2016 said that the Vivekananda flyover project in Kolkata, under execution by the company had suffered an accident caused by an under construction section falling down. This happened around midday on 31 March 2016, IVRCL said. The incident happened in the dense Burra Bazaar locality, it said. Such an accident has occurred for the first time in the company's history, IVRCL said. Details are awaited to investigate the cause of the accident and IVRCL will do its utmost to find the causes, the company said in a statement.
IVRCL reported net loss of Rs 303.85 crore in Q3 December 2015, higher than net loss of Rs 171.68 crore in Q3 December 2014. Net sales declined 30.5% to Rs 448.13 crore in Q3 December 2015 over Q3 December 2014.
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IVRCL is a leading engineering, procurement and construction (EPC) and infrastructure company. Its core areas of work include value chain across sectors such as water & environment, irrigation, transportation and power distribution & transmission.
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