Transformers & Rectifiers India share price tanks over 18%; here’s why
Transformers & Rectifiers India share price slumped over 18% on Thursday’s session following the news that Gujarat Energy Transmission Corporation Ltd (GETCO) would no longer do business with the company for three years due to allegations of forging Material Dispatch Clearance Certificate (MDCC). Transformers & Rectifiers India shares opened at intraday high level of ₹92.60 apiece on BSE.
The company in an exchange filing stated that it had received a “Stop Deal” notice from GETCO dated July 13, 2023, which had been physically received by RPAD on July 19, 2023, and that GETCO had decided to stop doing business with the company for a period of three years on the grounds that the company had allegedly submitted forged MDCC relating to certain Transformers supplied by the company under the Contract awarded for supply of total 29 Transformers and 1 Reactor.
(more to come)
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates.
Updated: 20 Jul 2023, 09:39 AM IST
