Airport fee axed,GVK,GMR stocks fall 3%

Shares of GVK,GMR plunged after the Supreme Court struck down levy of Airport Development Fee.

GMR Infrastructure and GVK Power & Infrastructure fell in the range of 3-4 per cent on the Bombay Stock Exchange after the Supreme Court quashed the fee charged by the private operators for developing airports from passengers.

Shares of GMR,which runs New Delhi airport,declined by 3.16 per cent to settle at Rs 38.3 on BSE. The scrip had declined by 4.17 per cent to touch the day’s low of Rs 37.9.

GVK Power,which controls the Mumbai airport,lost 4.57 per cent to finish at Rs 25.05 on BSE. In the intra-day trade,the stock declined by nearly 5 per cent to touch the month’s low of Rs 24.95.

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According to market analysts,stocks reacted negatively to the news of apex court quashing the levy of ADF by the private airport developers. Besides,profit booking was the another reason for the decline,experts added.

In terms of volume,9.97 lakh shares of GMR were traded on BSE,while 33.23 lakh shares of GVK changed hands on the bourse.

The Supreme Court quashed the ADF charged by the private airport developers in Delhi and Mumbai from international and domestic passengers.

Meanwhile,the 30-share Sensex closed at 19,545.35,down 38.96 points or 0.2 per cent from the previous close.

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