Maharashtra government's Ministry of Public Works on Tuesday announced that light motor vehicles (LMVs) would be exempt from paying toll at two toll booths between Thane and Mulund and one at Airoli for a month starting immediately.
The exemption, starting Tuesday, August 21, would continue for a month until September 23, 2018. The move was taken mainly to ease traffic snarls at these toll nakas.
The areas have been witnessing increasing traffic owing to the ongoing repair work at the Mumbra bypass. The congestion at these toll nakas has been causing a ~30-minute delay to motorists.
As per the Ministry, MEP Infra
, toll operator for the toll nakas under discussion, is said to have proposed the building of an elevated road at Mulund to make a double-decker toll naka with more number of booths.
Shares of the company declined after the announcement was made.
"The settlement of claims will be dealt as per the provisions of the Contract Agreement executed with the authority," the company said in a press release to the exchanges.
MEP Infrastructure Developers share price is currently at Rs56.25, down Rs0.4, or 0.71%, from its previous close of Rs56.65 on the BSE.
The scrip opened at Rs57.55 and has touched a high and low of Rs57.60 and Rs55.55 respectively. So far, 3,28,664 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs1,039.22cr.