Repco Home Finance cracks 7% post CBI raid
DSIJ Intelligence / 10 Oct 2016
CBI (Central Bureau of Investigation) has filed a case of corruption, cheating and conspiracy against the MD of Repco Housing Finance, R Varadarajan and three other top officials; and has seized incriminating documents in searches conducted at company's Chennai office.
CBI (Central Bureau of Investigation) has filed a case of corruption, cheating and conspiracy against the MD of Repco Housing Finance, R Varadarajan and three other top officials; and has seized incriminating documents in searches conducted at company's Chennai office.
“Based on reliable information CBI, Anti-corruption branch, Chennai registered a case of conspiracy, cheating and corruption against MD of Repco Housing Finance,” said an official release.
According to reports the issue is related to a Rs 6 crore loan taken by Coimbatore based Divya Agency, which has closed the loan in advance.
“While closing the loan, the accused public servants favoured the (accused) company by waiving off the penalty amount of Rs 24.31 lakhs. During 2013, pre-closure charges of Rs 22.64 lakhs for another loan account was again waived off by the accused officials causing gain to the same borrowers and loss to the bank," the CBI said.
Reacting to this negative development Repco Home Finance scrip has nosedived more than 7 per cent in early trade to hit an intra-day low of Rs 760 on NSE.
Owing to these reports the stock exchange has asked for an official clarification from the company.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.