CG Power shares crack 20 pc; at lower circuit after 'unauthorised transactions'

Shares of CG Power and Industrial Solutions on Tuesday tumbled nearly 20 per cent to touch its lowest trading permissible limit for the day amid alleged financial irregularities and some unauthorised transactions by certain employees of the company.

The scrip tanked 19.83 per cent to Rs 14.75 -- its lower circuit as well as its 52-week low -- on the BSE.

On the National Stock Exchange, it cracked 19.78 per cent to Rs 14.80, its lowest trading permissible limit for the day as also its one-year low.

Its market valuation also plummeted by Rs 206.8 crore to Rs 946.20 crore on the BSE.

Shares of YES Bank, which has nearly 13 per cent stake in CG Power as in the June 2019 quarter, also fell 7.36 per cent to Rs 71.05 apiece on the BSE.

After a marathon meeting CG Power in a BSE filing early morning on Tuesday said, "While working on one of its priority tasks of seeking refinancing of certain facilities and as a part of conducting financial analysis in this regard, the Ops Committee was made aware of some unauthorised transactions by certain employees of the company."