GTL slumped 59.66% to Rs 137.10 on a high volume of 81.98 lakh shares compared with average volume of 46,000 shares over the past two weeks. The stock hit a low of Rs 129, so far during the day, which is also a 52-week low for the counter.

GTL Infrastructure slumped 41.41% to Rs 17.40 on a huge volume of 1.87 crore shares compared with average volume of 91,000 shares over the past two weeks. The stock hit a low of Rs 15.75, so far during the day, which is a record low for the counter.

The BSE Sensex was down 288.68 points or 1.62% at 17,581.85.

On Friday, 17 June 2011, shares of GTL had fallen 16.48% to Rs 339.90 and GTL Infrastructure had tumbled 7.33% to Rs 29.70.

GTL had underperformed the market over the past one month until 17 June 2011, sliding 17.85% compared with the Sensex's 1.47% fall. The scrip had also underperformed the market in past one quarter, falling 17.94% as against 1.54% decline in the Sensex.

GTL Infrastructure had underperformed the market over the past one month until 17 June 2011, falling 14.90% compared with the Sensex's 1.47% fall. GTL Infrastructure had also outperformed the market in past one quarter, tumbled 18.96% as against 1.54% decline in the Sensex.

Promoters of GTL had pledged 1.25 crore shares of the company, which is 24.46% of the total promoters holding and 12.85% of the total equity (as on 31 March 2011). However, promoters of GTL Infrastructure had not pledged any shares in the company.

The GTL spokesman clarified to the media that shares pledged by founders haven't been sold. The owners or any large investor haven't sold pledged shares, the company spokesman said.