BL Kashyap plunges 20% to hit yr low on BSE

Shares of BL Kashyap & Sons today plunged nearly 20% to hit year-low level of Rs 12.25 on the Bombay Stock Exchange, hit by alleged evasion of PF contribution, a charge denied by the company.

Shares of BL Kashyap & Sons fell 19.67% to hit the 52-week low of Rs 12.25 on BSE.

Since Yesterday the stock has fallen nearly 40% in two trading sessions on BSE.

The retirement fund body EPFO had issued a notice to the city-based construction firm asking it to deposit the PF dues and penalties within this month.

Yesterday BL Kashyap & Sons, had said that contrary to the alleged fund evasion charges by EPFO, it in fact contributes more towards the retirement fund than any of its peers.

B L Kashyap and Sons dubbed the EPFO notice as "totally erroneous, misconceived and perverse" on various grounds and was also considering to "take appropriate legal recourse".

"The PF authorities have mechanically and without application of mind just picked up the Head 'wages and benefits' appearing in the yearly balance sheets and imposed PF on the same," it had said.

PF authorities have not passed the order on the basis of any evidence or material regarding non-compliance of any grievance of any beneficiary, but on the basis of mere conjectures, it added.