Transformers & Rectifiers India share price tanks over 18% after allegation of forging clearance certificate
₹92.60 apiece on BSE. The company in an exchange filing stated that it had received a "Stop Deal" notice from GETCO dated July 13, 2023, which had been physically received by RPAD on July 19, 2023, and that GETCO had decided to stop doing business with the company for a period of three years on the grounds that the company had allegedly submitted forged MDCC relating to certain Transformers supplied by the company under the Contract awarded for supply of total 29 Transformers and 1 Reactor. The company confirmed further, stating that, as of right now, it has already provided 24 transformers and 1 reactor to GETCO in accordance with the aforementioned Contract. Additionally, based on past conversations about this matter with GETCO, it has successfully completed additional inspection tests in accordance with GETCO's specifications, and the above-mentioned transformers and reactor supplied under the said contract are in use at GETCO.
The company is taking the required actions to defend its position against this allegation and to resolve this matter. On the technical front, as per trendlyne data, the stock price rose 263.7% and outperformed its sector by 193% in the past year.
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