Indian Hume Pipe slumps after cancellation of work order

Indian Hume Pipe slipped over 4 per cent on Tuesday after the company received cancellation of LoA from Madhya Pradesh Jal Nigam Maryadit.

Due to some discrepancies found in the bid process on the e-procurement portal, Madhya Pradesh Jal Nigam Maryadit cancelled the Letter of Acceptance (LoA) for work order of Rs. 578.50 crore.

Indian Hume Pipe had earlier received intimation for the work order of Kundaliya Multi Village Rural Water Supply Scheme in Rajgarh from Madhya Pradesh Jal Nigam Maryadit amounting to Rs. 578.50 crore.

The board of directors of the company will be meeting on May 23 to approve the annual accounts of the company for FY18.

On Friday, Indian Hume Pipe closed at Rs. 304 per share, down Rs. 12.90 or 4.07 per cent on NSE. The stock opened at Rs. 318 and touched an intraday low of Rs. 300.05 per share on NSE. The stock has attracted a trading volume of 64,275 shares on NSE.