Loss of company assets by employees how can a company recover it

Hi, I work for a IT firm, who are into mobile phone development. SOme of my colleagues have lost some of the Mobile phones purchased by company from the market for development purpose. COmpany has planned to recover the value of the asset. The final penalty to be paid is coming out to be more than the original purchase value. Whats does Indian law says? how should company recover the lost asset, only money or a replacement of a device is also ok?