Shares of CG Power And Industrial Solutions Ltd. plummeted for the second consecutive day by a huge 19.93% to Rs. 11.85 on the NSE. While on the BSE, the stock hit a price of Rs. 11.80 again losing a staggering 20% versus its previous close of Rs. 14.75 per share.
The losses in the company's share price come on the back of probe findings by a legal firm that pointed out various financial irregularities and misrepresentation of company's financial statements.
It is said to be the worst trading day for the company in nearly seven years with the highest percentage loss ever since October 2012.
On Monday, the board of the company was briefed on some of the probe findings which could result in potential impact on the company's financial well-being. The company after taking note of substantial financial and other irregularities will restate its accounts.