CG Power shares lock at 5% lower circuit after CEO KN Neelkant resigns

CG Power shares were locked at 5% lower circuit after KN Neelkant resigned from the position of the Managing Director and Chief Executive Officer of the company.

CG Power stock opened lower at Rs 13.80, against the last closing price of Rs 14.08 on BSE. Later, the stock was locked in 5% lower price band of Rs 13.38, also its day's and week's low.

The stock has fallen 70% year-to-date and around 8.7% in the last week. There were no buyers and only sellers in the stock. CG Power stock is currently trading lower than 5, 20, 50, 100 and 200-day moving averages.

Managing Director and Chief Executive Officer K.N. Neelkant tendered his resignation orally at the board meeting held on September 30, through video-conferencing, the company said in the regulatory statement submitted yesterday after market hours.

Given the ongoing investigations and enquiries, the Board of Directors accepted Neelkant's resignation, the filing added.

In another development, Bloomberg quint reported that Securities Appellate Tribunal (SAT) has rejected an appeal filed by Gautam Thapar, Avantha Holdings and former officials of CG Power & Industrial Solutions Ltd. against an order by SEBI, that barred them from accessing the capital markets.

The tribunal rejected the appeal as it "found no merit" in it. It also directed the appellants to approach the Securities and Exchange Board of India to obtain all documents required by them to defend their case.

By Rupa Burman Roy

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