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Read more about Industrials stocks rise on Business Standard. Industrials stocks were trading with gains, with the S&P BSE Industrials index increasing 40.48 points or 0.86% at 4747.47 at 09:49 IST.
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Grant Thornton India LLP (GT), which was appointed to conduct forensic audit of IL&FS Engineering and Construction Co Ltd (IECCL), a unit of Infrastructure Leasing & Financial Services (IL&FS), found potential anomalies about lapse in internal controls in the company.
The auditor had shared five instances it came across during the forensic audit, out of which four issues were raised by senior officials of IECCL, including Naresh Penumetcha, chief internal auditor of the company. The lapse of internal control ranges from bidding process, inventory, non-recording of bills of sub-contractors, dues of suppliers, unbilled revenue billing, receivable and payables as well as buying poor quality material for various projects undertaken by the IL&FS group company.
Industrials stocks were trading in the negative zone, with the S&P BSE Industrials index falling 243.72 points or 5.67% at 4054.08 at 13:49 IST. Among the components of the S&P BSE Industrials index, Bharat Heavy Electricals Ltd (down 11.17%), Ashoka Buildcon Ltd (down 10.78%),NBCC (India) Ltd (down 10.5%),Jaiprakash Associates Ltd (down 10.09%),Gayatri Projects Ltd (down 9.77%), were the top losers. Among the other losers were Simplex Infrastructures Ltd (down 9.75%), HEG Ltd (down 9.54%), Gati Ltd (down 9.5%), Suzlon Energy Ltd (down 9.39%), and Graphite India Ltd (down 9.17%).
At 13:49 IST, the S&P BSE Sensex was down 1741.92 or 3.51% at 47849.4.
The Nifty 50 index was down 526.6 points or 3.55% at 14308.25.
The S&P BSE Small-Cap index was down 984.39 points or 4.56% at 20612.46.
Industrials stocks were trading in the negative zone, with the S&P BSE Industrials index falling 243.72 points or 5.67% at 4054.08 at 13:49 IST. Among the components of the S&P BSE Industrials index, Bharat Heavy Electricals Ltd (down 11.17%), Ashoka Buildcon Ltd (down 10.78%),NBCC (India) Ltd (down 10.5%),Jaiprakash Associates Ltd (down 10.09%),Gayatri Projects Ltd (down 9.77%), were the top losers. Among the other losers were Simplex Infrastructures Ltd (down 9.75%), HEG Ltd (down 9.54%), Gati Ltd (down 9.5%), Suzlon Energy Ltd (down 9.39%), and Graphite India Ltd (down 9.17%).
At 13:49 IST, the S&P BSE Sensex was down 1741.92 or 3.51% at 47849.4.
The Nifty 50 index was down 526.6 points or 3.55% at 14308.25.
The S&P BSE Small-Cap index was down 984.39 points or 4.56% at 20612.46.