After more than two weeks of consolidation, IVRCL scrips were down 5.15 per cent at Rs 68.20 during the course of the day.
The Hyderabad-based infrastructure company is in the news lately with the Subhash Chandra-promoted Essel Group acquiring 12.3 per cent stake in the company, thereby taking their holding past that of the promoters.
Essel Group hinted that they plan to hike the stake further leading to speculation of potential takeover bid. However, nothing much has happened over the week-end and during the first two days of the week.