Bangalore :Shares of BEML Ltd fell 7.5% to Rs473.50 apiece on BSE at 1:25 pm on Friday after Bangalore police froze a bank account of the company over a dispute with a logistics firm.
BEML shares fell from Rs512.40 to Rs444.90 before recovering. The benchmark Sensex was down 0.53%.
A BEML spokesperson confirmed that investigating authorities had frozen a bank account. “A bank account related to trading at the SBI (State Bank of India) has been frozen by the investigating authorities. However, no other accounts have been frozen,” the spokesperson said.
The account is estimated to have around $80,000. “We are co-operating with authorities in the investigation,” the spokesperson said.
The account was frozen following a request from the Malleswaram branch police to SBI’s overseas branch on 4 May.
The Malleswaram police is investigating a complaint of cheating by Dreams Logistics Co. Pvt. Ltd against three officials of BEML.