Noida Toll Bridge Company shares dive 20% as HC scraps DND toll
Shares of Noida Toll Bridge Company fell sharply by 20 per cent on Thursday after the Allahabad High Court ruled that there will be no toll collected henceforth from those using the 9.2-km-long, eight-lane Delhi-Noida Direct (DND) flyway.
The stock crashed 19.96 per cent to Rs 17.85--its lower circuit limit as also 52-week low--on BSE. At NSE, shares of the company tumbled 19.86 per cent to close at Rs 17.75. The Supreme Court agreed to hear a plea of Noida Toll Bridge Company Limited challenging Allahabad High Court's order asking it to stop collecting toll from commuters plying on the DND flyway connecting Delhi and neighbouring Noida.
The order was passed as the high court allowed a PIL by the Federation of Noida Residents' Welfare Association challenging the levy and collection of toll in the name of user fee by the company.