Shares of IVRCL on Tuesday plunged by over 8 per cent during the day on the Bombay Stock Exchange (BSE) on reports that the company came under the Central Bureau of Investigation (CBI) scanner for alleged irregularities in a tsunami housing project in Pondicherry.
The stock, which made a weak opening on BSE on Tuesday, tumbled 8.52 per cent during the day to hit a low of Rs 38.10. However, the scrip managed to pare some of the losses and closed 3.12 per cent down to Rs 40.35 on the bourse.
The CBI filed a report in a Pondicherry court against G Ragesh Chandra, Director of Project Implementation Agency (PIA), and others in connection with alleged irregularities in the implementation of the tsunami rehabilitation project. The fall in the stock was in sharp contrast with the overall rally in the stock market.
