SREI Infrastructure falls 14% intra-day

Shares of SREI Infrastructure fell nearly 14% intra-day amid highly volatile movement accompanied by volumes nearly 20 times its two-week average.

The counter saw major selloff early morning as investors cut positions in the stock over alleged financial irregularities in Viom Networks. Viom is a JV between Tata Teleservices and Quippo, a SREI group company, and is a major player in telecom infrastructure. The company has appointed KPMG to probe the issue.

When contacted, Sunil Kanoria, vice-chairman of SREI and a director in Viom said, "We have initiated the probe into irregularities."