ARSS Infra falls to 5% LC

Two days ago, on receipt of an order, ARSS Infrastructure Projects had hit the 5% UC at Rs.56.30 and today, the moment it opened, it breached the 5% LC at Rs.53.85.

As more and more scams come out every single day, today it seems to be turn of ARSS Infra. The CBI reportedly raided the headquarters of ARSS Infrastructure on Wednesday. The house of its director along with five other places simultaneously were also raided; all for alleged financial embezzlement.

The company had borrowed Rs 62 crore from a bank for construction of a project. However, it neither had constructed the project nor returned the amount to the bank.

The stock exchanges yesterday have asked a clarification on this news from the company but it is yet to respond.