Delhi Metro flyover crashes...Gammon India shares slide

Shares of Gammon India tumbled 7.5% during the week to Rs149 after a part of an under construction Delhi Metro line collapsed on July 12 which was being constructed by the company. Six people were killed and 15 others injured when an under-construction bridge of the Delhi Metro collapsed. The accident took place at around 5 am last Sunday when a pillar of the bridge caved in near Lady Sriram College in South Delhi's Lajpat Nagar. The Delhi Metro chief E. Sreedharan inspected the site the next day even as clearing operations in the area were underway. Sreedharan, who resigned from the post owning moral responsibility for the mishap, visited the accident site to take stock of the situation. Delhi chief minister Sheila Dikshit rejected his resignation, as the state government sees his continuation necessary for the successful completion of projects related to Delhi Metro ahead of the 2010 Commonwealth Games. The DMRC has set up a four-member committee to examine reasons for the accident and it would submit its report in 10 days. This was the second accident involving the company. In the first incident, Gammon was held responsible for the collapse of a bridge in Hyderabad which claimed two lives in September 2007. Eight pre-fabricated segments of the flyover collapsed after scaffolding caved in on Sept. 9, 2007.