Shares of Rail Vikas Nigam Ltd (RVNL) fell 4.62% on the NSE to an intraday low of ₹444.10 following the company’s announcement that it had established a completely owned subsidiary business in Saudi Arabia called “Company Rail Vikas Nigam Ltd. (One Partner)”.
At 10:51 a.m. on Tuesday, the stock was down 3.89% on the NSE, trading at ₹447.55 per share.
As of 10:51 am on the BSE, the scrip was down 3.94% at ₹447.30.
The company’s stock fell 2.42% on Monday following the announcement, closing at ₹465.65 on the NSE and the BSE.
On Monday, October 21, the business announced the incorporation of a wholly-owned subsidiary in a regulatory filing.
The railway firm added that on October 21, it obtained the Certificate of Registration.
“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 saw a 52-week low of ₹142.15 on October 26, 2023, and a 52-week high of ₹647 on July 15, 2024.
As of Tuesday, October 22, RVNL’s entire market capitalisation stands at 94,597.36 crore.
In 2003, the Indian government incorporated RVNL. In accordance with the concession agreement signed with the Ministry of Railways (MoR), the firm works with Railways to carry out a variety of rail infrastructure projects, such as doubling, gauge conversion, new lines, railway electrification, etc.
