Dilip Buildcon slips 3% after Maharashtra Govt imposes penalty

The company has illegally excavated 59,767.55 brass "murum" near the village river area in Beed district.

Dec 05, 2018 10:12 IST India Infoline News Service

Shares of Dilip Buildcon ended 3% lower on Wednesday after PTI reported that the Maharashtra Government has imposed a penalty of Rs33.78cr on the company for allegedly excavating murum (soft rock) illegally in Beed district.

As per the report, an update comes after the Beed administration received a complaint against the company, following which Majalgaon tehsilar N G Zampalwad issued a penalty notice to the company. 

As per the notice issued by Majalgaon tehsilar N G Zampalwad, Dilip Buildcon illegally carried out excavation work during the cementing of the Majalgaon-Kej road as part of the Khamgaon-Pandharpur National Highway project stretch. Incidentally, the company has excavated 59,767.55 brass "murum" near the village river area.

Dilip Buildcon share price ended at Rs445.90, down by Rs13.15 or 2.86% from its previous closing of Rs459.05 on the BSE. The scrip opened at Rs454.05 and has touched a high and low of Rs458.15 and Rs444.10, respectively. So far, 1,34,359 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs6,278.42cr.

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