Transformers and Rectifiers receive stop deal notice from GETCO; stock hits lower circuit
Transformers and Rectifiers said it has already supplied 24 Transformers and one Reactor to GETCO under the said Contract.
Shares of Transformers and Rectifiers touched their lower circuit on the BSE at Rs 85.62 apiece after the company received a "stop deal" notice from Gujarat Energy Transmission Corporation Limited (GETCO).
"The Company has received a "Stop Deal" notice, which has been physically received by RPAD on 19th July 2023, from Gujarat Energy Transmission Corporation Limited (GETCO) intimating that GETCO has decided to stop dealing for a period of 3 years on the ground that the company had allegedly submitted a forged Material Dispatch Clearance Certificate (MDCC) relating to certain Transformers supplied by the Company under the Contract awarded to the Company for the supply of a total of 29 Transformers and 1 Reactor to GETCO," the regulatory filing read.
The company further said it has already supplied 24 Transformers and one Reactor to GETCO under the said Contract. It also said that the supplied transformers and reactors had successfully concluded additional inspection tests and are in operation at GETCO.
At around 1:30 PM, the stock was trading 20 per cent lower at Rs 85.62 apiece on the BSE. The stock snapped a two-session winning streak and has lost all the gains. The market capitalisation stands at Rs 1,136.60 crore.
Transformers and Rectifiers share price history
Transformers and Rectifiers shares have gained over 53 per cent in 2023 so far, compared to the Nifty 50's rise of nearly 9 per cent.
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