The loss of Male International Airport from its portfolio has put GMR Infrastructure in a fix even as there is no clarity on financial compensation.
“It is a setback for GMR. We are still not clear as to how the financial liability would be taken care of. Going by Maldives’ posture, they don’t have any respect for international law and neither do they care,” said Ambeerish Baliga, independent market analyst.
“In such a scenario, it is doubtful as to how the lenders and GMR would be compensated. How the company will absorb the loss? The GMR Infrastructure stock has already corrected in the past few days and I don’t think it will fall further,” Mr. Baliga said.
“The company’s airport vertical has taken a major hit. According to information, GMR wants to exit from Istanbul but it has not found a buyer. With four airports, GMR was flying high in its airport business and this vertical is very crucial for the company. There is a big question mark on the compensation,” said SP Tulsian, independent market analyst.
He said that the GMR stock would not fall further as it had already corrected from Rs.30 few weeks ago to around Rs.20 now. Hours before the deadline to move out of Male’s airport, GMR’s stocks on Friday closed with a loss of 3.03 per cent at Rs.19.20 on the Bombay Stock Exchange.