CG Power locked in lower circuit for second straight day on financial fraud
Shares of CG Power and Industrial Solutions were locked in 20 per cent lower circuit for the second consecutive day at Rs 11.80 on the BSE on Wednesday after the detection of financial fraud in the company.
At 10:32 am, there were pending sell orders for 19 million shares, representing 3 per cent of CG Power’s total equity, on the NSE and BSE. Around 395,000 shares have changed hands on both the exchanges till now, data shows.
An audit committee of CG Power flagged off unauthorised transactions by certain employees of the company leading to an understatement of not only the company’s liabilities but also advances to related and unrelated parties of the group.
