Transformers & Rectifiers Shares Locked in 10% Lower Circuit: Following World Bank Debarment

On Tuesday, November 11, 2025, Transformers & Rectifiers shares (TARIL) were locked in a 10% lower circuit, extending steep losses after a 20% lower circuit triggered on Monday. The sharp fall follows the company’s debarment from World Bank-financed projects over allegations of corruption and fraud linked to a $486 million initiative to enhance Nigeria’s electricity grid.

TARIL said in an exchange filing, “Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that Transformers and Rectifiers (India) Limited (“the Company”) has received a Notice of Uncontested Sanctions Proceedings dated November 4, 2025, from the World Bank in connection with Sanctions Case No. 788 relating to the Nigeria Electricity Transmission Project (IDA Credit Nos. 6185-NG and 6186- NG).”

World Bank Background

The case relates to a historical supply order under a World Bank-funded project for the Transmission Company of Nigeria (TCN):

• FY2020: TARIL received an order valued at $24.74 million for 70 transformers.
• FY2022: 90% of the payment was received via letter of credit; three transformers were damaged during transit.
• Insurance claims for the damaged transformers were processed, with final settlements received by FY2024.
• Replacement transformers were delivered by the end of FY2025, with the remaining 10% payment received in Q1FY26.

TARIL has previously submitted all requested documentation during a 2023 inquiry. The company emphasizes that the notice does not allege any proven misconduct and considers the matter non-material under SEBI regulations.

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What are Next Steps?

• TARIL will formally respond to the World Bank, presenting its case to seek revocation of the debarment.
• The company will comply with the World Bank’s requirements to restore eligibility for future projects.
• The debarment only restricts participation in World Bank-funded projects. TARIL currently has no active or pending orders under such projects, meaning there is no impact on its business operations, financial performance, or future outlook.

 
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