The stock was trading at its lowest level since August 2004. In the past three months, the share price of CG Power has tanked 62 per cent as compared to a 5 per cent decline in the S&P BSE Sensex.
Till 09:57 am, a combined 922,311 shares changed hands on the counter and there were pending sell orders for 24.4 million shares on the BSE and NSE so far.
CG Power, part of the Avantha group, has two segments namely power systems and industrial systems. The power systems segment manufactures electrical products such as transformers, switchgears and circuit breakers, which find application in power transmission. The industrial systems segment manufactures high and low tension rotating machines (motors and alternators), stampings, as well as railway transportation and signalling products. In March 2016, CG Power had demerged its consumer business, into Crompton Greaves Consumer Electricals Limited (CGCEL).