Dec. 20 (Bloomberg) -- IFCI Ltd., the Indian project financing company that scrapped a plan to sell a 26 percent stake to a strategic investor, plunged as much as 27 percent, wiping out 14 billion rupees ($354 million) from its market value.

IFCI shares fell 21.9 rupees, or 22 percent, to 78.15 rupees at 10:03 a.m. on the Bombay Stock Exchange, after falling to 73.25, a two-month low. The decline gives the company a market value of 49.9 billion rupees from 63.9 billion rupees yesterday.

To contact the reporter on this story: M.C. Govardhana Rangan in Mumbai at grangan@bloomberg.net.

Last Updated: December 19, 2007 23:37 EST