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World Bank ban: Videocon share plunges

Shares of Videocon Industries suffered a jolt on Wednesday after reports that the World Bank had blacklisted the group for three years following allegations that it tried unfair means to win business. The shares plunged by 12 per cent but recovered to close 3.5 per cent lower.
Hindustan Times | By HT Correspondent, New Delhi
UPDATED ON MAY 05, 2010 09:54 PM IST

Shares of Videocon Industries suffered a jolt on Wednesday after reports that the World Bank had blacklisted the group for three years following allegations that it tried unfair means to win business. The shares plunged by 12 per cent but recovered to close 3.5 per cent lower.

A total of 26,98,085 shares of Videocon Industries changed hands on the both the bourses on Wednesday.

Videocon, has been talking to World Bank officials to revoke the ban and expects to get it repealed in a couple of months.

“Our sales have been robust and our products are liked across the country. Moreover, the company does not rely upon any single contract to drive its sales,” said Venugopal Dhoot, chairman, Videocon Industries.

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