GR Infraprojects share price fell over 7 percent in the morning session on June 14, plunging over 17 percent since yesterday after reports said that the Central Bureau of Investigation (CBI) conducted searches at several locations of the company in Shillong, Guwahati, Gurgaon, and Bengaluru.
The raids were conducted in connection with alleged irregularities in a national road highway project in Assam, as per the reports.
GR Infraprojects said in an exchange filing on June 13 that some of their employees at a project site have been arrested by the CBI. It said that a team of CBI conducted raids at the residence of the chairman Vinod Kumar Agarwal and at the corporate office in Gurugram on June 13.
The clarification said: “The search at residence of the chairman has been completed, while the search is still in process at the corporate office, and we understand that a few employees of the company are arrested at project site. However, detailed information is awaited. We were waiting to have confirmed information for submission of the same with the stock exchange."
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At 09:52 am, the stock was trading at Rs 1,143.05, down Rs 90.25 or 7.32 percent. It has touched an intraday high of Rs 1,177.75 and an intraday low of Rs 1,119.20.
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