Srei Infrastructure Finance Ltd has shed over 6% in trade today after Viom Networks, a venture between Tata Teleservices and Srei Group enterprise Quippo, ran into a cloud of controversy over charges of financial irregularities.
The company has appointed KPMG to assess the extent of the graft, if any, after a former company secretary alleged that the Kanorias of the Srei Group diverted funds to the tune of Rs 300 crore to some private institutions.
As per reports, Hemant Kanoria, CMD of Srei Infrastructure, said the company secretary was fired on July 25, following which he made certain allegations. “Since the company has a whistle-blower policy and shareholders maintain higher standards of corporate governance, it was decided to appoint an independent auditor for a probe."
The stock opened at Rs 36 and dipped to a low of Rs 31.2 in intraday deals. As many as 2,263,951 shares have been traded till 1140 hours.
