SREI Infrastructure Finance has slipped 2.2% to Rs 36 after the company announced its plans to hike its benchmark rate.
The company plans to hike the benchmark rate by 75 basis points to 17.5% from 16.75%. It decided to hike the rates after revviewing the trend of increasing interest rates to contain inflation, decided to increase its benchmark rate in line with the upward moving interest rate in the domestic markets, the company said in a press release.
Earlier the company had ordered probe into allegations of financial irregularities concerning tower company Viom Networks.
The stock opened at Rs 37 and touched the low of Rs 36 in intra-day deals thus far. As many as 46,000 shares changed hands on the BSE compared to its two-week average of 6,28,000 shares.
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