Maha govt suspends Tulip from future projects; shares fall

Tulip Telecom was locked at 5 percent lower circuit on Wednesday after Maharashtra government suspended the telecom service & IT solutions provider from future projects.

CNBC-TV18 reported quoting NW18 that the government suspended the company due to service deficiency in one of the order.

The company posted a loss of Rs 85 crore in the quarter ended December 2012 as against a profit of Rs 1.37 crore in previous quarter. Meanwhile, its revenues fell more than 17 percent year-on-year to Rs 528.67 crore during the same quarter.

At 13:54 hours IST, the stock was quoting at Rs 9.60 on Bombay Stock Exchange.

There were pending sell orders of 265 shares, with no buyers available. 

The share touched its 52-week high Rs 129.00 and 52-week low Rs 8.71 on 06 July, 2012 and 05 March, 2013, respectively. 

Currently, it is trading 92.56% below its 52-week high and 10.22% above its 52-week low.

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