BEML falls 13% as Karnataka police freezes bank accountsPosted on Sunday, May 20, 2012 - 15:14 pm
State-owned BEML , earthmoving and other heavy industrial equipment manufacturer for the mining and civil engineering industries, fell as much as 13% on Friday to touch an intraday low of Rs 444.90. The Karnataka police has frozen company’s bank accounts. Seventh Additional Chief Metropolitan Court directed the freeze, reports CNBC-TV18.
Complaint was filed by trading and logistics company Dream Logistics, which said BEML has cheated company to the tune of Rs 35 crore
At 14:27 hours IST, the share was trading at Rs 464.20, down 9.41% amid heavy volumes.
Its trading volumes shot up 8417% to 4,15,338 shares as compared to its 5-day average of 4,877 shares. Market capitalisation of the company stands at Rs 1,933.14 crore.