Transformers and Rectifiers (India) Ltd (TRIL) shares took a hit in the stock market on Thursday, to go down by 13.71 per cent. TRIL received a ‘Stop Deal’ notice from Gujarat Energy Transmission Corporation Ltd (GETCO) on Wednesday.
The notice states that GETCO is to halt all dealings with TRIL for three years following the alleged submission of forged Material Dispatch Clearance Certificates (MDCC) of certain transformers, supplied under contract to GETCO. The contract involved the supply of 29 transformers and 1 reactor to GETCO, of which TRIL claims to have already supplied 24 Transformers and 1 Reactor, which are currently operational.
As a result, TRIL shares dropped by 13.71 per cent to Rs 92.35 at 09:55 am on the BSE.