Kridhan Infra falls 5 pc to hit lower circuit

Shares of Kridhan Infra fell nearly 5 per cent on Monday to hit its lower price band after the company received an order to liquidate its Singapore subsidiary. The stock fell 4.92 per cent to Rs 4.25, its 52-week low.

On the NSE, the scrip settled 4.44 per cent lower at Rs 4.30, its 52-week low. The stock hit its lower price band on both the stock exchanges.

Kridhan Infra last week said it has received the written order for liquidation of its Singapore subsidiary Readymade Steel Singapore Pte Ltd. It was informed earlier in the outcome of the board meeting held on November 14, 2019 that the judicial authorities in Singapore have heard the matter regarding liquidation of the subsidiary and the written order was pending, the company said in a regulatory filing on Friday.

"We now hereby inform that the written order for liquidation of the said subsidiary (Readymade Steel Singapore Pte Ltd) has since been received and Ng Kian Kiat and Lin Yueh Hung have been appointed as joint and several liquidators of the said subsidiary," it added. Further, as informed earlier, as a matter of prudence, the company has, in the results for March, 2019, already fully impaired its investments and loans outstanding in the said subsidiary Readymade Steel Singapore, in its standalone financials, it said in the filing.

In view of the same, there will be no major impact of the said liquidation on the financials of the company, it added.