GR Infra plunges 10% on report of CBI conducting raids at company's offices

A team of Central Bureau of Investigation conducted a The raids were conducted in connection with alleged irregularities in a national road highway project in Assam, as per the reports.

Shares of GR Infraprojects plunged 10 per cent to hit an all-time low of Rs 1,230 on the BSE in Monday’s intra-day trade after reports said that the Central Bureau of Investigation (CBI) conducted searches at several locations of the company in Shillong, Guwahati, Gurgaon, and Bangalore.

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.