Hindustan Construction Company (HCC), one of the India's leading infrastructure companies, witnessed a fall in share price on Wednesday after it announced that Lavasa Corporation, a subsidiary of the company has received observation letter from Securities and Exchange Board of India (SEBI). The observation letter is for its proposed Initial Public Offering (IPO) of equity shares for an amount not exceeding Rs 7.5 billion.

Shares of the company are trading at Rs 35.50, down Rs 1.25, or 3.40% at the Bombay Stock Exchange (BSE) on Wednesday at 12:38 p.m.

The scrip has touched an intra-day high of Rs 37.30 and low of Rs 35.35. The total volume of shares traded at the BSE is 1,031,801.