Transformers and Rectifiers (India) slumps 19% after receiving 'stop deal' notice

Transformers and Rectifiers (India)

20/07/2023 05:21

** Shares of Transformers and Rectifiers (India)  TRNF.NS 
down as much as 19.1% to 86.7 rupees, biggest intraday pct loss
since March 13, 2020
    ** Transformers maker on Wednesday said it received a "stop
deal" notice from Gujarat Energy Transmission Corporation
(GETCO)
    ** Says GETCO decided to stop dealing with co for 3-yr
period after TRNF allegedly submitted a forged material dispatch
clearance certificate for certain transformers that it supplied
to GETCO
    ** TRNF has already supplied 24 transformers and 1 reactor
to GETCO under the contract
    ** Adds it has successfully concluded additional inspection
tests as per GETCO's requirements and transformers/reactors
supplied under the contract are in operation
    ** More than 4.2 mln shares change hands by 9:35 a.m. IST,
2.6x the 30-day avg
    ** As of last close, stock up 91.8% YTD 

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))