PFC incorporates 5 SPVs to develop transmission schemes; stock plunges over 5%.

State-owned Power Finance Corporation (PFC) has incorporated a total 5 special purpose vehicle (SPV) companies in the state of Rajasthan and Andhra Pradesh. However, the movement did little to sway PFC on Dalal Street, as the stock has plunged over 5%.

These 5 SPVs are called Bhadla Sikar Transmission Limited, Sikar-II Aligarh Transmission, Khetri - Narela Transmission, Bikaner-II Bhiwadi Transco and finally Ananthpuram Kurnool Transmission.

Four SPVs are incorporated in Rajasthan, while one in Andhra Pradesh.

These SPVs are formed for the development of a transmission scheme for the evacuation of solar energy in the respective state in a phased manner.

At around 2.47 pm, PFC stock price is trading at Rs. 75.05 per piece down by 5.12%.

The stock opened at an intraday high of Rs. 78.40 per piece before correcting.