Left Menu
Development News Edition

CG Power hits lower circuit limit; Yes Bank tumbles over 4 pc

PTI | New Delhi | Updated: 21-08-2019 12:29 IST | Created: 21-08-2019 12:11 IST
CG Power hits lower circuit limit; Yes Bank tumbles over 4 pc
Image Credit: ANI

Shares of CG Power and Industrial Solutions on Wednesday slumped 20 percent to touch their lowest trading permissible limit for the second consecutive day amid alleged financial irregularities in the company. On the BSE, the scrip tumbled 20 percent to touch its 52-week low of Rs 11.80.

On the NSE, the shares plunged 19.93 percent to reach their lower price brand at Rs 11.85. Meanwhile, shares of Yes Bank, which has a 12.79 percent stake in CG Power as on June 30, 2019, also fell over 4 percent to Rs 68.10 apiece on the BSE.

Gautam Thapar-promoted CG Power and Industrial Solutions on Tuesday said an investigation by its board found major governance and financial lapses, including advances to related and unrelated parties as well as liabilities of the company and the group potentially being understated by hundreds of crores of rupees. After 13 hours of discussions lasting till 4 am, the board came to the conclusion that there were some unauthorized transactions carried out by 'certain employees', which led to a potential understatement of not only the company's liabilities but also advances to related and unrelated parties of the company and the group.

Advances to related and unrelated parties of the company and the group may have been potentially understated by Rs 1,990.36 crore and Rs 2,806.63 crore, respectively, as on March 31, 2018, and by Rs 1,479.34 crore and Rs 1,331.47 crore, respectively, as on April 1, 2017, the company said in the regulatory filing to exchanges.


TRENDING

OPINION / BLOG / INTERVIEW

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Rwanda’s COVID-19 response commendable but health information system needs improvement

Rwanda is consistently working to improve its health information system from many years. However, it is primarily dependent on the collection and reporting of health data on a monthly basis. Besides, evaluation studies on Rwandas HIS publis...

Videos

Latest News

Cooked carrots can trigger allergic reactions

Contrary to the belief that raw carrots trigger allergic reactions, cooked carrots can also have this effect, suggests a study conducted by a research team at the University of Bayreuth. The carrots allergen, Dau c 1, assumes a structure th...

Principles of natural justice followed before suspending Secretary: SCBA to HC

The Supreme Court Bar Association SCBA Friday told the Delhi High Court that principles of natural justice were followed before suspending its secretary Ashok Arora from the post. SCBA claimed the need to suspend Arora arose as there was an...

Forex reserves up by USD 3.378 bn to record USD 545.038 bn

The countrys foreign exchange reserves increased by USD 3.378 billion to touch a lifetime high of USD 545.038 billion in the week ended September 18, RBI data showed.    In the previous week ended September 11, the reserves had ...

India should aim to be among top 25 in global innovation rankings: Dhotre

India should aim to be among the top 25 countries in Global Innovation Index, Union Minister Sanjay Dhotre said on Friday as he stressed on the need to solve the problems of the country through innovative ideas. The minister said India has ...

Give Feedback