IVRCL decreased more than 8percent and hitted the weekly low of Rs 38.10

IVRCL decreased more than 8percent and hitted the weekly low of Rs 38.10 as the firm is under Central Bureau Of Investigation scanner.

IVRCL is beneath the Central Bureau Of Investigation scanner for alleged irregularities in a Tsunami_housing_project in Puducherry. The Central Bureau Of Investigation filed an FIR in a Puducherry court against G Ragesh Chandra, Director of PIA, and others in association with alleged irregularities in the execution of the Tsunami_rehabilitation_project.

The FIR stated IVRCL was issued work order to build houses in Tsunami affected areas at the price of Rs 4.9 lakh contrary to the procedures of the govt Order which predetermined at Rs 1.5 lakh to Rs1.75 lakh per house. Central Bureau Of Investigation alleged that there was a loss to the tune of Rs 35 cr to both the Puducherry govt and the central govt. The quality of the building was also inferior as compared with others, the Central Bureau Of Investigation charged. Thus, these allegations are sentimentally unfavorable for the firm.

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