Videocon recovers from intra-day low, settles down 3pc on BSE
Shares of Videocon Industries today settled down 3.47 per cent on the BSE after plunging 11.69 per cent intra-day, a day after the World Bank debarred it for three years for indulging in fraudulent and corrupt practices.
Shares of Videocon settled at Rs 218.65, down 3.47 per cent on the BSE. During the day, the counter tanked 11.69 per cent to touch a low of Rs 200. On the NSE, it shed 3 per cent at Rs 219.75.
Yesterday, it was reported that the World Bank barred Widen from doing any business with the Bank for three years, beginning January 11, 2010, for violating procurement guidelines.
A total of 26,98,085 shares of Videocon changed hands on the both the bourses today.
The World Bank has included Videocon in the list of companies that are not eligible for contracts funded by it.
Videocon was sent a letter of reprimand subsequent to an administrative process permitting the company to respond to the allegations, the World Bank said in its latest update of companies blacklisted for doing business due to fraud and corruption charges.