CG Power tanks 20% after Co recognises 'unauthorized transactions' by staff

In the past three months, the market price of CG Power has tanked 62 per cent as compared to a 5 per cent decline in the S&P BSE Sensex.

Shares of CG Power & Industrial Solutions were locked in the lower circuit band of 20 per cent at Rs 14.75 on the BSE on Tuesday after the company recognised "unauthorised transactions" and related financial irregularities in the company.

“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 operations committee (Ops Committee) was made aware of some unauthorised transactions by certain employees of the company,” CG Power said in a regulatory filing while announcing fiscal results for 2018-19.

"The Ops Committee was also