RVNL shares tumble 4% after announcing incorporation of wholly owned subsidiary in Saudi Arabia

2 min read | Updated on October 22, 2024, 11:28 IST

SUMMARY

Shares of Rail Vikas Nigam Ltd (RVNL) hit an intraday low of 4.62% at ₹444.10 on the NSE on Tuesday, October 22, after the company announced that it had incorporated a wholly-owned subsidiary in Saudi Arabia.

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RVNL

RVNL said in a regulatory filing on Monday, October 21, that it had incorporated a wholly-owned subsidiary

Rail Vikas Nigam Ltd (RVNL) shares hit an intraday low of ₹444.10, a decrease of 4.62% on the NSE after the company announced that it had incorporated a wholly owned subsidiary company ‘Company Rail Vikas Nigam Ltd. (One Partner)’ in Saudi Arabia.

As of 10:51 am on Tuesday, the stock was trading at ₹447.55 apiece, down 3.89% on the NSE.

On the BSE, the scrip was trading at ₹447.30 as of 10:51 am, down by 3.94%.

After the announcement, the company's shares tumbled by 2.42% on Monday to close at ₹465.65 on both the NSE and the BSE.

The company said in a regulatory filing on Monday, October 21, that it had incorporated a wholly-owned subsidiary.

The railway company further stated that it received the Certificate of Registration on October 21.

“It is hereby informed that Rail Vikas Nigam Limited (RVNL) has incorporated a Wholly Owned Subsidiary Company “COMPANY RAIL VIKAS NIGAM LTD. (ONE PARTNER)” in Saudi Arabia on 18.10.2024. The Certificate of Registration of the Company received on 21.10.2024,” RVNL said in the filing dated October 21.

The company witnessed its 52-week high of ₹647 on July 15, 2024 and a 52-week low of ₹142.15 on October 26, 2023.

RVNL has a total market capitalisation of ₹94,597.36 crore as of Tuesday, October 22.

Also read: Hyundai Motor India makes a flat debut; what is the road ahead from here?

RVNL was incorporated by the Government of India in 2003. The company implements various types of rail infrastructure projects assigned by the Ministry of Railways (MoR), including doubling, gauge conversion, new lines, railway electrification, etc., with Railways according to the concession agreement entered into with the MoR.

About The Author

Abha Raverkar is a post-graduate in economics from Christ University, Bengaluru. She has a strong interest in the markets and loves to unravel the nitty-gritties of the latest happenings in the world of markets, business, and economy.

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