The raids were conducted in connection with alleged irregularities in a national road highway project in Assam, as per the reports.
The stock of the civil construction company has fallen below its previous low of Rs 1,249.70 touched on March 7, 2022. In comparison, at 03:11 pm, the S&P BSE Sensex was down 2.7 per cent at 52,822 points.
"A team of the Central Bureau of Investigation (CBI) conducted a search at the residence of Mr. Vinod Kumar Agarwal, Chairman and also at the Corporate office of the company situated at Gurugram, Haryana on 13th June 2022," GR Infraprojects said in a clarification to a news item appearing on www.moneycontrol.com titled "CBI arrests NHAI, GR Infra officials amid alleged irregularities in highway project."
"The search at the residence of the Chairman has been completed, while the search is still in process at the corporate office and we understand that few employees of the company are arrested at the project site, however detailed information are yet awaited. We were waiting to have confirmed information for submission of the same with the stock exchange", the company said.
GR Infraprojects made its stock market debut on July 19, 2021. The Rajasthan-based roads and highways construction major raised Rs 963 crore via initial public offer (IPO). The company had issued shares at Rs 837 per share. With the today’s fall, the stock has corrected 46 per cent from its record high level of Rs 2,277 hit on October 25, 2021.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app