Transformers and Rectifiers shares glided 17% to Rs 88.50 at 9:30 am after the business received a ‘Stop Deal’ notice from the Gujarat Energy Transmission Corporation Limited (GETCO).

On July 19, 2023, the firm acknowledged the notice from GETCO suggesting that the latter has absolute to stop dealing with the company for 3 years on the grounds it had purportedly submitted forged Material Dispatch Clearance Certificates (MDCC) relating to converters supplied by it. The company won the agreement to supply 29 transformers and 1 reactor to GETCO.

Transformers and Rectifiers have illuminated that the business has already supplied 24 Transformers and 1 Reactor to GETCO under the contract.

Further, based on previous discussions on this issue with GETCO, the company has efficaciously concluded supplementary inspection tests as per the requirements of GETCO, and the above Transformers/Reactor completed are in operation in GETCO.

The company is taking compulsory steps to protect its position against this allegation and resolve this issue.
The share moved a 52-week high of Rs 111.95 and a 52-week low of Rs 28.95 on July 14 2023, and July 27 2022, correspondingly.

The stock trades 20.95% below its 52-week high and 205.7% above its 52-week low.