BGR Energy Systems stock rose 1.27 per cent on the NSE to trade at ₹40 as of 2:05 pm. The stock has hit a 52-week low today of ₹38.40.
The stock tanked after hitting a 52-week high at ₹119.50 on the NSE on February 20, 2024.
- Also read: BGR defaults on ₹631 crore repayments
The company had disclosed in a stock exchange filing that the State Bank of India’s Stressed Asset Management Branch on March 18, 2024, informed the company through email that Chaturvedi & Company has been entrusted with conducting a forensic audit on the company. However, the reason for the audit has not been specifically stated.
Previous stock exchange disclosure also revealed that Mangalore Refinery and Petrochemicals Limited (MRPL) terminated a contract of ₹112.75 crore with BGR Energy Systems. The latter’s product business division secured an order from MRPL for the supply of air-cooled heat exchangers in October 2023.
“Non-adherence to the time schedule of the contract, non-compliance with the terms and conditions, non- performance, and breach have been stated as the reasons for the termination,” the company stated.