No intent to hike stake in IVRCL : Essel Group

Essel Group promoted by Subhashchandra Goyal today clarified that there is no intent to hike stake in IVRCL Ltd. Currently it holds 12.27 per cent it hyderabad based construction comapny.

Todays clarification holds significance as street and market participant was watching keenly for a hostile bid for IVRCL by Essel Group.

Shares of IVRCL traded at 69.10 per share down by more than 4.5% on NSE.