Ramky Infra and Nava Bharata shares price crash as CBI raid their premises

Stocks

oi-Shoaib MD

By Shoaib Md

Published: Monday, August 22, 2011, 14:36 [IST]

According to media reports, shares of Ramky Infrastructure, Aurobindo Pharma and Nava Bharat Ventures slip to their 52-week low after CBI officials carried searches at companies' premises.

Their offices were checked in connection with the case of alleged financial misdeeds and illegal embezzlement of wealth by YS Jagan Mohan Reddy, a Member of Parliament from Kadapa.

Ramky Infrastructure. It is an integrated construction, infrastructure development and management company in India. It Infrastructure touched a 52-week low of Rs 226.35. At 11.32 hrs the share was quoting at Rs 229.00, down Rs 39.70, or 14.73%.

Aurobindo Pharma

Its fall was controlled as the Aurobindo Pharma issued clarification on the Bombay Stock Exchange that the company or any of its subsidiaries have not made any investments in Jagathi Publications or its subsidiaries.

Nava Bharat Ventures: The power generation company is in to ferro alloys, mining and sugar. Nava Bharat Ventures touched a 52-week low of Rs 179.50. At 11.40 hrs the share was quoting at Rs 179.50, down by Rs 13.05, or 6.78%.

Though the media conglomerate BCCL controlled ET Now reported that the software company Mphasis also saw raids on its premises but there has not been any independent confirmation of the same. The company's stock price went up to Rs 367.35 at 11.42 a.m. It saw a rise of Rs 15.30 or 4.35%.

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