CG Power & Industrial Solutions , maker of power equipment, plunged the most in six months after saying it will restate earnings on becoming aware of some suspect, unauthorized and undisclosed transactions.
The shares slumped by its daily 20 per cent limit to ₹14.75 in Mumbai, taking the years decline to 70 per cent. Earnings for the year ended March 2019, and previous years may have to be restated, according to a filing Tuesday.
The company, led by Chairman Gautam Thapar, said some liabilities and advances to related and unrelated parties have been understated. Also, some assets were purportedly provided as collateral and the money from the loans were siphoned by identified company personnel, both current and past, including certain non-executive directors.
