IVRCL slips over 8% on reports of CBI enquiry

NEW DELHI: IVRCL Ltd plunged over 8% on reports the company’s CMD Sudhir Reddy, is under the CBI scanner for alleged irregularities in a Tsunami housing project in Puducherry.

“The FIR said IVRCL was issued work order to construct houses in Tsunami-affected areas at the rate of Rs 4.9 lakh against the provisions of the Government Order which stipulated Rs 1.5 lakh-Rs 1.75 lakh each house,” according to reports.

CBI alleged that there was a loss to the tune of Rs 35 crore to both the Puducherry government and the central government.

At 10:13 a.m., the company’s shares were trading 7% lower at Rs 38.70. The stock has touched its intra day low of Rs 38.10.