Greaves Cotton share price falls 10% after government directs to repay subsidy for violation of guidelines
Greaves Cotton, on May 26, said that the Ministry of Heavy Industries has directed its subsidiary Greaves Electric Mobility Private Ltd (GEMPL) to deposit the subsidy of around ₹124 crore, along with interest, for violating the Phased Manufacturing Programme (PMP) guidelines.
Greaves Cotton share price plunged nearly 10% Friday after the government asked the company’s subsidiary to return the subsidy amount along with interest for violation of guidelines. The stock price fell as much as 9.9.% to ₹133.70 apiece on the BSE.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started